Law Chapter 8
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14 terms
Terms | Definitions |
|---|---|
 gratutious | free. the law does not enforce free agreements. |
| consideration | the exchange of things of value. |
| benefit | something that a party was not previously entitled to recieve. |
| detriment | any loss suffered from an agreement. |
| firm offer | an irrevocable offer. |
| accord and satisfaction | contract is discharged when one party to an agreement agrees to accept performance from the other party that s different from what was agreed apon in the original contract. |
| past consideration | consideration that took place in the past that is given for something that has already been done. |
| seal | a mark or an impression placed on a written contract indicationg that the instrument was executed and accepted ina formal manner. |
| promissory estoppel | principle that bars a party from taking back certain types of promises. |
| forbearance | not doing something that you have the legal right to do. |
| unconscionable | an agreement or contract that is considered completely out of line. |
| release | an agreement not to sue. |
| forbearance | not doing something that you have the legal right to do. |
| bargained-for-exchange | a pormise is made in return for another promise, an act, or a promise not to act. |
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