ch.15 Flashcards
1
Q
What are the 4 types of consideration?
A
- A benefit to the promisee
- A detriment to the promisor
- A promise to do something
- A promise to refrain from doing something
2
Q
Does the courts consider Adequacy of Consideration?
A
rarely
3
Q
What is the exception to needing consideration?
A
Promissory estoppel
3
Q
Is consideration needed?
A
Generally, yes
4
Q
What is considered as not consideration?
A
- illusory promise
- past consideration
- preexisting duty rule
5
Q
Partial payment allowed to discharge debt when what is present?
A
- unliquidated debt
- creditor agrees to accept, as full payment, less than the creditor claims is owed (accord)
- Debtor pays agreed-upon amount (satisfaction)
