Shared Flashcard Set

Details

Contracts
Contracts
5
Accounting
Professional
09/19/2009
Click here to study/print these flashcards.

Create your own flash cards! Sign up here.

Additional Accounting Flashcards

 

 

Cards

Term
In deciding whether consideration necessary to form a contract exists, a court must determine whether...
 Definition
There is mutuality of consideration.
Term
To satisfy the consideration requirement for a valid contract, the consideration exchanged by the parties must be
 Definition
Legally sufficient
Term
What is a novation?
 Definition
A novation is a three-party agreement between the contracting parties and a third party, whereby one of the contracting parties is discharged from his/her duty and the third party is substituted in the discharged party's place.
Supporting users have an ad free experience!