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Chpt15 Consideration

Kubasek Dynamic Business Law Chapter 15

QuestionAnswer
Rule 1 of consideration No consideration is not a valid contract
Rule 2 of Consideration Past consideration = no consideration
Amount of Consideration Court will not get involved regarding how much consideration
Illusory promise is not consideration
Preexisting Duty performance of a duty you are obligated to do under the law is not good consideration. A promise to do something that you are already obligated to do is not valid consideration.
Consideration is what a person will receive in return for performing a contract obligation
Under Uniform Commercial Code (UCC) Article 2 (sale of goods) an agreement modifying a contract needs NO consideration to be binding.
Requirement contract ontract is an agreement whereby the buyer agrees to purchase all of his goods from one seller.
Output contract contract is an agreement whereby the seller guarantees to sell everything she produces to one buyer.
Liquidated Debt there is no dispute about the fact that money is owed, and the amount of money owed.
Unliquidated Debt the parties either dispute the fact that any money is owed, or agree that some money is owed but dispute the amount.
"accord and satisfaction" to be enforceable, The debt is unliquidated; The creditor agrees to accept as full payment less than the creditor claims is owed; The debtor pays the amount he/she has agreed to pay.
Promissory estoppel occurs when one party makes a promise knowing the other party will rely on it, the other party does rely on it, and the only way to avoid injustice is to enforce the promise.
Created by: tinafici