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| what a person will receive in return for performing a contract obligation |
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| 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 |
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| not consideration or a promise "i'll look at them later" |
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| more than he/she is obligated to do under the contract |
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| agreement whereby the buyer agrees to purchase all his goods from one seller |
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| agreement whereby the seller guarantees to sell everything she produces to one buyer |
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| no dispute about the fact that money is owed and the amount of money owed |
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| 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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1. debt is unliquidated
2. creditor agrees to accept as full payment less than the creditor claims is owed
3. debtor pays the amount they have agreed on |
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| new agreement to pay less than the creditor claims is owed |
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| pay, by the debtor, of the reduced amount |
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