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legal aspects chapter 8 vocabulary
N/A
17
Business
11th Grade
01/17/2012

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Term

Gratuitous

 

Definition
Free; Is not enforced by the law.
Term

Consideration

 

Definition
The exchange of benefits and detriments by parties to an agreement.
Term

Benefit

 

Definition
Something that a party was not previously entitled to receive.
Term

Detriment

 

Definition
Any loss suffered in an agreement.
Term
Forbearnace
Definition
THe final type of consideration. 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 promise not to act.
Term
Unconscionable
Definition
A contract is deemed this in situations where the courts believe the consideration in a contract is completely out of line.
Term
Release
Definition
An agreement not to sue.
Term
Accord
Definition
The acceptance by the creditor of less than what has billed to the debtor.
Term
Satisfaction
Definition
The agreed-to settlement as contained in the accord.
Term
Seal
Definition
a mark or an impression placed on a written contract indicating that the instrument was executed and accepted in a formal manner.
Term
Promissory estoppel
Definition
A promise may be enforceable without consideration.
Term
Option
Definition
Consideration given by the offeree to the 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 which must be signed by the offeror.
Term
Illusory promise
Definition
Agreements that appear at first glance to be contracts but on further scrutiny are 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; Is not regarded as legal by the courts.
Term
Preexisting duty
Definition
If a person is already under a legal obligation to do something, a promise to do that same thing is not consideration.
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