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LGLA1351-Chapter 4

Basic Contract Law for Paralegals

Accord & Satisfaction a special agreement in which the parties to a disputed contract agree to new terms in exchange for forbearing to sue under the original contract.
Caveat emptor Latin phrase meaning "let the buyer beware".
Caveat venditor Latin phrase meaning "let the seller beware".
Charitable subscription pledge or promise to donate money to a charity; given the enforceability of a contract under law.
Conditional promise a promise dependent on the happening or non happening of a future event.
Consideration a benefit conferred or a detriment incurred; a basic requirement of every valid contract.
Co-signer person who agrees to be equally liable with a promisor under a contract.
Formal contract written contract under seal specifically enforced by statute.
Guarantee an enforceable written promise to answer for the debts of another.
Guarantor person who agrees to be responsible to answer for the debts of another should the debtor default.
Mutuality of consideration the bargain element of a contract that requires each side to give and receive something of legal value.
Nominal consideration consideration of insufficient legal value to support a contract.
Preexisting duty role promises to do what one is already bound to do is not consideration.
Promissory estoppel doctrine in which promises not supported by consideration are given enforceability, if the promissee had detrimentally relied on the promises.
Quid pro quo Latin phrase meaning "this for that", the mutuality of consideration.
Sham consideration legally insufficient consideration used to mask a gift in words of contract.
Sufficiency of the consideration doctrine that each party to a contract must contribute something of legal value for which he has bargained.
Created by: dawnbryant