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something of Legally Sufficient Value must be given in exchange for the promise or the performance of an action that one is otherwise not obligated to undertake
when the unforeseen difficulties that give rise to a contract modification are the types of risks ordinarily assumed in business and the courts will assert the preexisting duty rule
the unmaking of a contract so as to return the parties to the positions they occupied before the contract was made
promises made in return for actions or events that have already taken place are unenforceable (past consideration is no consideration)
when the nature or extent of performance is too uncertain, the promise is rendered illusory and unenforceable
option to cancel clauses
when the promisor has the option to cancel the contract before performance has begun
a buyer and seller agree that the buyer will purchase from the seller all of the goods of a designated type that they buyer needs, or requires
the buyer and seller agree that the buyer will purchase from the seller all of what the seller produces, or the seller's output
Accord and Satisfaction
a debtor offers to pay, and a creditor accepts, a lesser amount than the creditor originally claimed was owed, only with unliquidated debt
one whose amount has been ascertained, fixed, agreed on, settled, or exactly determined, no accord and satisfaction can take place
a contract in which one party forfeits the right to pursue a legal claim against the other party
Covenant Not to Sue
parties substitute a contractual obligation for some other type of legal action based on a valid claim
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