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Chapter 10 law book

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show what a person will receive in return for performing a contract obligation.  
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show Dan agrees to purchase Mary's car for $1,000. Dan's payment of $1,000 is the consideration Mary will receive for her car. Title to and possession of the car is the consideration Dan will receive in exchange. Consideration can be anything, as long as it is  
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show A promise to stay in a job until a particular project is complete (This is a benefit to the employer.)  
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a determent to the promisee -   show
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show a promise to cook dinner for your roommate for the next six months  
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show a promise to stop drinking alcohol during exam week  
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show rule: for a promise to be enforced by the courts, there must be consideration  
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show in a bilateral contract (a promise for a promise), the consideration for each promise is a return promise. Consider this example: Sue promises to pay Mike $2,000 for his car. Mike promises to sell Sue his car for $2,000. The exchange will be done tomorrow  
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show or a promise for a promise, occurred when the U.S. government seized control of insurance giant American International Group (AIG). The U.S. agreed to lend AIG up to $85 billion in exchange for nearly 80 percent of AIG's stock. The consideration AIG recei  
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In a unilateral contract -   show
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Types of Contracts -   show
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show promise for a promise  
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Unilateral Contract -   show
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show the legal enforcement of an otherwise unenforceable contract due to a party's detrimental reliance on the contract  
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One exception to the rule requiring consideration is -   show
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show One party makes a promise knowing the other party will rely on it.  
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The other party does rely on the promise.   show
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The only way to avoid injustice is to enforce the promise.   show
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Rule: the court seldom considers adequacy of consideration -   show
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Illusory Promise -   show
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show is no consideration at all. Consideration is an essential element of a contract. For a court to enforce a promise, both sides must offer consideration.  
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show businesspeople consider contracts to be very important. Contracts are highly detailed. If there is a dispute, the parties refer to the contract terms. If the parties cannot agree, a lawsuit may be filed.  
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Preexisting Duty -   show
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Second, performance of an existing contractual duty is not good consideration.   show
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unforeseen circumstances -   show
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show that promise is valid consideration.  
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show (i.e., more than she is obligated to do under the contract), the promise is valid consideration. In the pool example, if the contractor asks Gene for an additional $10,000 but agrees to add a waterfall and a deck to the pool, the promise to do the additio  
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show Debt for which there is no dispute between the parties about the fact that money is owed and the amount of money owed.  
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example of liquidated debt -   show
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show Debt for which the parties either dispute the fact that any money is owed or agree that some money is owed but dispute the amount.  
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show An arrangement between contracting parties whereby one of the parties substitutes a different performance for his or her original duty under the contract.  
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show The debt is unliquidated (i.e., the amount or existence of the debt is in dispute). The creditor agrees to accept as full payment less than the creditor claims is owed. The debtor pays the amount they have agree on.  
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show is an arrangement between contracting parties whereby one of the parties substitutes a different performance for his or her original duty under the contract. The promise to perform the new duty is the accord, and the actual performance of that new duty is  
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The accord is the new agreement to pay less than the creditor claims. The satisfaction is the payment, -   show
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show sending a check to the creditor and writing "paid in full" on the check. Under common law, in many states, this did create an accord and satisfaction, and if the creditor cashed the check, he or she was bound to accept the smaller amount as payment in ful  
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show First, in cases of business organizations, thousands of checks may be received each day. To protect themselves, businesses may notify their debtors that any offer to settle a claim for less than the amount owed must be sent to a particular address and/or  
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Second, if a business does inadvertently cash a paid-in-full check, the business has 90 days from the date it cashed that check to offer repayment in the same amount to the debtor. For example, if John owed $3,000 to his credit card company and he sent th   show
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show Any payment check or other form of payment that you send us for less than the full balance that is marked "paid in full" or contains a similar notation, or that you otherwise tender in full satisfaction of a disputed amount, must be sent to [address omitt  
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