Flashcards in Business Law- Chapter 11 Deck (12):
Something of legal value given in exchange for a promise.
Support for a contract when either 1. the promisee suffers a legal detriment or 2. the promisor receives a legal benefit.
Exchange that parties engage in that leads to an enforceable contract.
A promise that is unenforceable because it lacks consideration.
A promise to refrain from doing an illegal act. Such a promise will not support a contract.
A contract into which both parties enter but one or both of the parties can choose not to perform their contractual obligations. Thus the contract lacks consideration. Also known as an illusory contract.
A sense of honor that prompts a person to make a promise. Promises made out of a sense of moral obligation lack consideration.
Something a person is already under an obligation to do. A promise lacks consideration if a person promises to perform a preexisting duty.
A prior act or performance. Past consideration will not support a new contract. New consideration must be given.
An agreement whereby the parties agree to accept something different in satisfaction of the original contract.
The performance of an accord.