Term
|
Definition
| What a person will receive in return for performing a contract obligation. |
|
|
Term
|
Definition
A benefit to the Promisee
A detriment to the promisor
A promise to do something
A promise to refrain from Doing something |
|
|
Term
|
Definition
1. One party makes a promise and either knows or should know that the other party will reasonably rely on it
2. The other party does reasonably rely on the promise
3. The only way to avoid injustice is to enforce the promise. |
|
|
Term
|
Definition
| Damages caused bt reliance on a promise |
|
|
Term
| Legal Principle: Consideration ` |
|
Definition
| promisory estoppel and contracts under seal are two exceptions to the common law rule requiring consideration |
|
|
Term
| Adequacy of consideration |
|
Definition
| Court does not consider adequacy of consideration except for, fraud against spouse and creditors |
|
|
Term
|
Definition
| If I like them I will buy them, not considered consideration. |
|
|
Term
|
Definition
| Past consideration is not consideration at all |
|
|
Term
|
Definition
| Performance of a duty you are obligated to do under the law is not good consideration. Neither is performance of an existing contractualy duty is not good consideration. |
|
|
Term
| 2 exceptions `to Pre Existing duty |
|
Definition
Unforeseen circumstances
Additional work |
|
|
Term
|
Definition
| No debate as to how much and the fact that the money is owed. A creditors decision to accept less than what is owed is not binding . |
|
|
Term
|
Definition
| The parteis disagree about whether the money is owed or dispute the amount. |
|
|
Term
|
Definition
Parties can settle for less than the full amount if 3 conditions are met
1. Debt is Unliquidated
2. Creditor agrees to accept as full payment less than owed
3. Debtor pays the amount they have agreed on |
|
|
Term
|
Definition
| The New agreement to pay less than the creditor claims is owed |
|
|
Term
|
Definition
| The debtor's payment of the reduced amount |
|
|
Term
| Exceptions to paid in full |
|
Definition
Must be sent to sepcific Person or Address
90 days to correct the error. |
|
|
