Busy. Please wait.
or

show password
Forgot Password?

Don't have an account?  Sign up 
or

Username is available taken
show password

why


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account.
We do not share your email address with others. It is only used to allow you to reset your password. For details read our Privacy Policy and Terms of Service.


Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.

Remove Ads
Don't know
Know
remaining cards
Save
0:01
To flip the current card, click it or press the Spacebar key.  To move the current card to one of the three colored boxes, click on the box.  You may also press the UP ARROW key to move the card to the "Know" box, the DOWN ARROW key to move the card to the "Don't know" box, or the RIGHT ARROW key to move the card to the Remaining box.  You may also click on the card displayed in any of the three boxes to bring that card back to the center.

Pass complete!

"Know" box contains:
Time elapsed:
Retries:
restart all cards




share
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

Chapter 12 BAFN

QuestionAnswer
Define consideration there must be bargaining that leads to an exchange between the parties; can be anything that someone might want to bargain for
What can be bargained for? (3) another promise or action; a benefit to the promisor or a detriment to the promisee; a promise to do something or a promise to refrain from doing something.
Consideration for a promise should be at least one of these two things... Legally detrimental to the promisee, or Legally beneficial to the promisor.
Adequacy for consideration (3) 1) A Court will not question the fairness of the bargain if legally sufficient 2) Law does not protect a person from entering into an unwise contract 3) In extreme cases a court may find a party lacks legal capacity or that contract was unconscionable
Exception to Adequacy for consideration Economic Benefit -- in some cases, courts will enforce consideration that is an economic benefit, given with the expectation of later payment.
Define Illusory Promise If one party’s promise is conditional, the other party is not bound to the agreement.
Section 2-306 of the UCC does what? expressly allows output and requirements contracts in the sale of goods
Exception for Preexisting duties (2): Additional work. When a promisor agrees to do something above and beyond what he is obligated to do ; Modification. If both parties agree to a modification, the best solution is to rescind the contract and draft a new one.
What is Past consideration? Past consideration is an act or benefit given in the past that was not given in exchange for the promise in question, thus it cannot be consideration
Define Liquidated Debt is one in which there is no dispute about the amount owed.
Common Law ruling: If a debtor writes “Full Settlement” on a check, and the creditor cashes it.... the payment is in full whether or not it was the right amount
Exceptions to the common law ruling (2) : Organizations may notify debtors that any offers to settle debt for less than the whole amount must be directed to a certain person. The creditor can refund the paid amount within 90 days and then demand the full amount
True or False: Consideration is legal value bargained for and given in exchange for an act or a promise True
True or False: A person who agrees not to file suit has not provided valid consideration False – refraining from something a person is not legally obligated to do is valid consideration.
The contract or memorandum must be signed by the defendant, and It must state with reasonable certainty: (3) 1) the name of each party 2) the subject matter of the agreement, and 3) all of the essential terms and promises.
True or False: A contract for interest in land must be in writing to be enforceable True
Exception for Agreement for Interest in Land Promissory Estoppel: If a promisor makes an oral promise that should reasonably cause the promisee to rely on it, and the promisee does rely, the promisee may be able to enforce the promise
Define Collateral Promise When one person agrees to pay the debt of another as a favor to that debtor
True or False: A contract that cannot, by its own terms, be performed within one year from the date it was formed must be in writing to be enforceable True
True or False: An executor’s promise to use her own funds to pay a debt of the deceased must be in writing to be enforceable True
Created by: ryan3743