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Chapter 15 Andreson's Business
Andreson's Business Law
9
Business
Undergraduate 3
04/29/2009

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Term
consideration
Definition
promise or performance that the promisor demands as the price of the promise
Term
forbearance
Definition
refraining from doing an act
Term
illusory promise
Definition
promise that in fact does not improse any obligation on the promisor
Term
cancellation provision
Definition
crossing out of a part of an instrument or a destruction of all legal effect of the instrument, whether by act of party, upon breach by the party, or pursuant to agreement or decree of court
Term
conditional promise
Definition
is a promise that depends on the occurrence of a specified condition in order for the promise to be binding
Term
composition of creditors
Definition
agreement among creditors that each shall accept a part payment as full payment in consideration of the other creditors doing the same
Term
past consideration
Definition
something that has been performed in the past and which, therefore, cannot be consideration for a promise made in the present
Term
Uniform Commercial Code (Abloshes the requirement for consideration) 3 things!
Definition
1) a merchant's written, firm offer for goods stated to be irrevocable
2) a written discharge of a claim for an alleged breach of a commercial contract
3) an agreement to modify a contract for the sale of goods
Term
promissory estoppel
Definition
doctrine that a promise will be enforced although it is not supported by consideration when the promisor should have reasonably expected that the promise would induce action or forebearance of a definite and substantial character on the part of the promised and injustice can be avoided only enforcement of the promise
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