Upgrade to remove ads
Terms in this set (12)
is giving something of value
giving up legal right; refraining from a certain act
each party to a contract must give consideration in some form, either benefit or detriment
doing something that one does not have a legal obligation to do (contrast a pre-existing duty) or can be refraining from doing something that one had the legal right to do
a statement that is in the form of a promise but imposes no obligation upon the maker of the statement
an agreement of a seller to sell her entire production to a particular purchaser
A purchaser's agreement to purchase from a particular seller all the materials of a particular kind that the purchaser needs
a contract in which a manufacturer of goods grants to a distributor an exclusive right to sell its products in a designated market
a promise the performance of which depends upon the happening or non-happening of an event not certain to occur.
Pre-Existing Contractual Duty
a duty the terms of which are neither doubtful nor the subject of honest dispute.
Accord and Satisfaction
promise to pay a lessor sum for a debt that is in good faith dispute is enforceable. If there is no good faith dispute, the promise to pay a sum less than the sum owed is not enforceable
requires mutual consideration. One party gives up legal right to contract with a third party and in exchange for that promise, other contracting party gives consideration in some form
THIS SET IS OFTEN IN FOLDERS WITH...
Intro To Contracts
Conduct Invalidating Assent
YOU MIGHT ALSO LIKE...
Regulation (REG) | CPA Exam
busl chp 10
OTHER SETS BY THIS CREATOR