Term
|
Definition
| something of legal value given in exchange for a promise |
|
|
Term
|
Definition
| a contract is considered supported by legal value if (1) the promisee suffers a legal detriment or (2) the promisor receives a legal benefit |
|
|
Term
|
Definition
| exchange that parties engage in that leads to an enforceable contract |
|
|
Term
|
Definition
| a promise that is unenforceable because it lacks consideration. A completed gift promise cannott be rescinded for lack of consideration |
|
|
Term
|
Definition
| a promise to refrain from doing an illegal act. Such a promise will not support a contract. |
|
|
Term
|
Definition
| a contract into which both parties enter but one or both of the parties can choose not to perform their contractual obligations. This, the contract lacks consideration. |
|
|
Term
|
Definition
| a sense of honor that prompts a person to make a promise. such promises lack consideration |
|
|
Term
|
Definition
| something a person is already under an obligation to do. A promise lacks consideration if a person promises to perform a preexisting duty. |
|
|
Term
|
Definition
| a prior act or performance. will not support a new contract. New consideration must be given. |
|
|
Term
|
Definition
| an agreement whereby the parties agree to accept something different in satisfaction of the original document |
|
|
Term
|
Definition
| the performance of an accord |
|
|
Term
|
Definition
| an equitable doctrine that prevents the withdrawal of a promise by a promisor if it will adversly affect a promisee who has adjusted his or her position in justifiable reliance on the promise. |
|
|
