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Law Chapter 8

Buisness Law

TermDefinition
consideration what a person demands and generally must receive in order to make his or her promise legally binding
gift voluntary transfer of ownership without consideration
donor person giving a gift
donee person receiving a gift
forbearance refraining from doing what one has a right to do
promisor person who gives the promise or action in exchange for the promise or action of another
promisee person to whom the promise or action is given in exchange for the other person’s promise or action
legal value change in the legal position of a party as a result of a contract
nominal consideration token amount identified in a written contract when parties either cannot or do not wish to state the amount precisely
output contract agreement to purchase all of a particular producer’s production
requirements contract seller agrees to supply all of the needs of a particular buyer
liquidated debt debt for which the parties agree that the debt exists and on the amount of the debt
accord and satisfaction parties’ agreement to change the obligation required by their original contract and the performance of the new obligation
release party settles a claim at the time the tort occurs, and the liability is unliquidated because the extent of damages is uncertain
composition with creditors agreement by all creditors to accept something less than the total amount of their claims as full payment
past consideration act that has already been performed cannot be consideration for a promise in the present
statute of limitations state laws setting time limit for bringing a lawsuit
promissory estoppel enforcement of a promise to avoid injustice by denying to the promisor the defense of lack of consideration
Created by: 1553050
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