Chapter 10 Flashcards
D: Consideration
The stuff in a contract
D: Legally
Something that a legal remedy can fix via a court decision
D: Forbearance
I’m not going to do something that I have the right to do
What is Bargained-for-exchange?
Something of legal value that the court can put a value on
D: Mutual Benefit Detriment
What do you get, and what do you give up.
D: Shocking inadequate consideration
In order for a deal to be “unmade “ by a judge, you need to shock the court.
What does “Consideration only goes forward” mean in terms of a contract?
You can only contract for something in the future.
-Because if you already performed the contract, the deal has already taken place.
What happens if a new consideration being made on an existing contract?
-A new contract is made
D: Illusory Promises
Promisor has not definitely promised to do anything (no promise at all)
D: Option-to-cancel clause
This is not a contract at all. It is more of a desire
D: Liquidated Debt
Amount has been ascertained, fixed, agreed on, or exactly determined
D: Unliquidated Debt
Parties give up legal right to contest the amount in dispute
D: Accord and Satisfaction
Debtor offers to pay lesser amount than creditor purports to be owed
D: Release
Bars any further recovery beyond the terms in the release generally binding if…
- Given in good faith
- Signed into writing
- Consideration
D: Promissory Estoppel
Plaintiff must show he reasonable and substantially relied on promise on the promise
