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Chapter 12
f
4
Business
Undergraduate 1
10/28/2012

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Term
Forbearance
Definition
an agreement between the lender and the borrower in which the lender agrees to temporarily cease requiring mortgage payments, to delay foreclosure, or to accept smaller payments than previously scheduled.
Term
Past consideration
Definition
something given or some act done in the past, which cannot ordinarily be consideration for a later bargain.
Term
Promisorry estoppel
Definition
a doctrine that applies when a promisor makes a clear and definite promise on which the promisee justifiably relies; such a promise is binding if justice will be better served by the enforcement of the promise. goes hand in hand with detrimental reliance
Term
Recission
Definition
the unmaking of a contract so as to return the parties to the positions they occupied before the contract was made.
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