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Exam #2 - Chapter 15
Yep
8
Accounting
Undergraduate 3
10/09/2012

Additional Accounting Flashcards

 


 

Cards

Term
Promissory estoppel
Definition
Consideration is not required (3 conditions need to be met)

• One party makes a promise knowing the other party will rely on it
• The other party does rely on the promise
• The only way to avoid injustice is to enforce the promise
Term
Consideration
Definition
It is what a person will receive in return for performing a contract obligation
Term
Illusory promise
Definition
When someone makes a flaky commitment
Term
U.C.C.
Definition
Uniform Commercial Code
Term
Requirement conract
Definition
agreement whereby the buyer agrees to purchase all his or her goods from one seller
Term
Output contract
Definition
agreement whereby the seller guarantees to ell everything he or she produces to one buyer
Term
Liquidated debt
Definition
there is no dispute that money is owed or how much
Term
Unliquidated debt
Definition
parties either disagree about whether money is owed or dispute the account
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