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This is an equity doctrine that permits a court to order enforcement of a contract that lacks consideration.
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Something of legal value given in exchange for a promise.
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Chapter 11

QuestionAnswer
This is an equity doctrine that permits a court to order enforcement of a contract that lacks consideration. Promissory estoppel
Something of legal value given in exchange for a promise. Consideration
What are the two requirements of consideration? 1) Something of legal value 2) There must be a bargained for exchange
In modern law of contracts, a contract is considered supported by what? Legal Value
The commercial setting in which business contracts are formed leads to this conclusion. An exchange regarding consideration. Bargained-for exchange
These are unenforceable because they lack consideration. Gift Promises or Gratuitous Promises
A contract supported by a promise to refrain from doing an illegal act is called what? Illegal consideration
If parties enter into a contract but one or both of the parties can choose not to perform their contractual obligations this is called what? Illusory Promises or Illusory Contracts
Not considered consideration in most states these are promises based on moral principles. Moral Consideration
A promise lacks consideration if a person promises to perform an act or do something he is already under an obligation to do is called what? Preexisting Duty
This is not consideration because this is based on a promise for an action already completed. Past Consideration
When a contract is under dispute a settlement agreement called this can be enforced. Accord
When an accord is performed it is called this. Satisfaction
A type of settlement with an accord an satisfaction is called what? Accord and satisfaction
This is used to provide a remedy to a person who has relied on another person's promise when that person withdraws his or her promise and is not subject to a breach of contract action because one of the two elements contract requirements is lacking. Promissory Estoppel or Detrimental Reliance.
Created by: rogue2281
 

 



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