Term
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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 |
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Term
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Definition
| It is what a person will receive in return for performing a contract obligation |
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Term
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Definition
| When someone makes a flaky commitment |
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Term
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Definition
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Term
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Definition
| agreement whereby the buyer agrees to purchase all his or her goods from one seller |
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Term
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Definition
| agreement whereby the seller guarantees to ell everything he or she produces to one buyer |
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Term
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Definition
| there is no dispute that money is owed or how much |
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Term
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Definition
| parties either disagree about whether money is owed or dispute the account |
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