Chapter 13

Question 1

what is chapter 13 about

Answer 1

consideration

Question 2

consideration

Answer 2

as the value given in return for a promise or in return for a performance

Question 3

two parts of consideration

Answer 3

something of legally sufficient value must be given tin exchange for the promise/
must be a bargained for exchange

Question 4

forbearance

Answer 4

the refraining from an action that one has a legal right o undertake

Question 5

rescission

Answer 5

mutually agree to rescind or cancel the contract

Question 6

illusory

Answer 6

without consideration and unenforceable

Question 7

accord and satisfaction

Answer 7

a debtor offer to pay, and a creditor accepts, a lesser amount than the creditor originally claimed was owed

Question 8

Accord

Answer 8

agreement

Question 9

liquidated debt

Answer 9

one whose amount had been ascertained, fixed, agreed on, settled, or exactly determined

Question 10

unliquidated debt

Answer 10

debt is not settled, fixed, agreed on, ascertained, or determined, and people may differ over amounts owed

Question 11

release

Answer 11

a contract in which one party forfeits the right to pursue a legal claim against the other party

Question 12

how release happens

Answer 12

agreement is made in good faith/
release contract is in a signed writing /
contract is accompanied by consideration

Question 13

covenant not to sue

Answer 13

substitute a contractual obligation for some other type of legal actions based on the valid claim

Question 14

promissory estoppel

Answer 14

a person who has reasonably and substantially relied on the promise of another may be able to obtain some measure of recovery

Question 15

estopped

Answer 15

prevented