Term
T/f
Generally, a promise will not be enforced unless something is given or received for the promise |
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Definition
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Term
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Definition
| What each party to a contract gives up to the other to make the agreement |
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Definition
| When each party gives up something (bike for $400) |
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Term
| Benefit-Detriment Approach |
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Definition
| A benefit received by promisor or detriment by the promisee (being paid $500 to paint a house) |
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Term
T/F
Promises to give a gift are enforceable |
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Definition
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Term
T/F
A completed gift can be revoked for lack of consideration |
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Definition
| False, once completed it is final |
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Term
T/F
Condideration must be equal |
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Definition
| False, it is up to the parties to decide if the deal is fair |
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Definition
Refraining from doing an act that one has a legal right to do
Ex. buying the inaction of another party |
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Definition
| If one party's promise contains no obligation or only an apparent obligation |
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Definition
| Allows a contract to be enforceable while allowing for cancellation under specific circumstances |
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Term
T/F
Promising to do what one is already legally obligated to do is not consideration |
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Definition
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Term
T/F
The promise to part of an amount that is admittedly owned is not consideration to lose the rest of the debt |
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Definition
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Term
T/F
Cashing a check, regardless of the amount when it states "paid in full" discharges an entire debt |
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Definition
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Term
T/F
Promises made based on moral obligation lack consideration |
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Definition
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Term
T/F
If a charity relies upon a pledge in undertaking a project it is consideration to the one donating |
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Definition
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Term
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Definition
| A promisor may be prevented from asserting that her promise is unenforceable because there is no consideration for the promise |
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