Term
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Definition
| an agreement between the lender and the borrower in which the lender agrees to temporarily cease requiring mortgage payments, to delay foreclosure, or to accept smaller payments than previously scheduled. |
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Term
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Definition
| something given or some act done in the past, which cannot ordinarily be consideration for a later bargain. |
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Term
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Definition
| a doctrine that applies when a promisor makes a clear and definite promise on which the promisee justifiably relies; such a promise is binding if justice will be better served by the enforcement of the promise. goes hand in hand with detrimental reliance |
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Term
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Definition
| the unmaking of a contract so as to return the parties to the positions they occupied before the contract was made. |
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