Chapter 11
Help!
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| This is an equity doctrine that permits a court to order enforcement of a contract that lacks consideration. | Promissory estoppel
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| Something of legal value given in exchange for a promise. | Consideration
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| What are the two requirements of consideration? | 1) Something of legal value 2) There must be a bargained for exchange
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| In modern law of contracts, a contract is considered supported by what? | Legal Value
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| The commercial setting in which business contracts are formed leads to this conclusion. An exchange regarding consideration. | Bargained-for exchange
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| These are unenforceable because they lack consideration. | Gift Promises or Gratuitous Promises
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| A contract supported by a promise to refrain from doing an illegal act is called what? | Illegal consideration
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| 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
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| Not considered consideration in most states these are promises based on moral principles. | Moral Consideration
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| 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
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| This is not consideration because this is based on a promise for an action already completed. | Past Consideration
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| When a contract is under dispute a settlement agreement called this can be enforced. | Accord
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| When an accord is performed it is called this. | Satisfaction
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| A type of settlement with an accord an satisfaction is called what? | Accord and satisfaction
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| 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.
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