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Chapter 8 Flash Cards
Flash Cards
18
Business
10th Grade
01/17/2012

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Cards

Term
Gratuitous
Definition
Free
Term
Consideration
Definition
Exchange or benefits and detriments by parties to an agreement
Term
Benefit
Definition
Something that a party was not previously entitled to receive
Term
Detriment
Definition
Any loss suffered
Term
Forbearance
Definition
Not doing something that you have the legal right to do
Term
Bargained-for exchange
Definition
A promise is made in return for another promise, an act, or a promise not to act
Term
Unconscionable
Definition
An agreement or a contract that is considered completely out of line
Term
Release
Definition
An agreement not to sue
Term
Accord and satisfaction
Definition
Contract is discharged when one party to an agreement agrees to accept preformance from the other party that is different from what the agreed upon in the original contract
Term
Accord
Definition
The acceptance by the creator of the less than what has been billed to the debtor
Term
Satisfaction
Definition
The agreed-to settlement as contained in the accord
Term
Seal
Definition
A mark or an impression placed on a written contract indicating that the instrument was executed and accepted in a formal manner
Term
Promissory estoppel
Definition
Principle that bars a party from taking back certain types of promises, such as charitable subscriptions, on which another party relies
Term
Option
Definition
When an offeree gives consideration to an offeror in exchange for a promise from the offeror to keep an offer open for a specified period of time
Term
Firm offer
Definition
An irrevocable offer
Term
Illusory Promises
Definition
A contract that appears to be a contract at first glance, but on further scrutiny is revealed to be hollow
Term
Past consideration
Definition
Consideration that took place in the past or given from something that has already been done, is not regarded as legal by the courts
Term
Preexisting duties
Definition
An existing legal obligation to do something
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