Shared Flashcard Set

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chapter 8 vocabulary
Legal terms
17
Business
11th Grade
01/17/2012

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Cards

Term
Consideration
Definition
Is the exchange of benefits and detriments by parties to an agreement
Term
Benefit
Definition
Is something that a party was not previously entitled to receive.
Term
Detriment
Definition
Is any loss suffered
Term
Forbearance
Definition
Is not doing something that you have the legal right to do
Term
Bargained-for exchange
Definition
A promise is made in return for another promise, an act, or a promis not to act
Term
Unconscionable
Definition
An agreement or contract that is considered completely out of line
Term
Release
Definition
An agreement not to sue
Term
Accord and Satisfaction
Definition
Contract is discharged when one party to an agreement agrees to accept performance from the other party that is different from what was agreed upon in the original contract
Term
Seal
Definition
is a mark or impression places on a written contract indicating that the instrument was executed and accepted in a formal manner
Term
Promissory Estoppel
Definition
Principle that bars a party from taking back certain types of promises, such as charitable subscriptions, on which another party relies.
Term
Option
Definition
When an offeree gives consideration to an offeror in exchange for a promise from the offeror to keep an offer open for a specified period of time.
Term
Firm Offer
Definition
an irrevocable offer
Term
Illusory promise
Definition
A contract that appears at first glance to be a contract, but on further scrutiny is revealed to be hollow
Term
Past Consideration
Definition
Consideration that took place in the past or that is given for something that has already been done
Term
Preexsisting Duties
Definition
An existing legal obligation to do something
Term
Accord
Definition
The acceptance by the creditor of less than what has been billed to the debtor
Term
Satisfaction
Definition
The agreed-to settlement as contained in the accord
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