Chapter 10 Flashcards Preview

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Flashcards in Chapter 10 Deck (16):
1

D: Consideration

The stuff in a contract

2

D: Legally

Something that a legal remedy can fix via a court decision

3

D: Forbearance

I'm not going to do something that I have the right to do

4

What is Bargained-for-exchange?

Something of legal value that the court can put a value on

5

D: Mutual Benefit Detriment

What do you get, and what do you give up.

6

D: Shocking inadequate consideration

In order for a deal to be "unmade " by a judge, you need to shock the court.

7

What does "Consideration only goes forward" mean in terms of a contract?

You can only contract for something in the future.
-Because if you already performed the contract, the deal has already taken place.

8

What happens if a new consideration being made on an existing contract?

-A new contract is made

9

D: Illusory Promises

Promisor has not definitely promised to do anything (no promise at all)

10

D: Option-to-cancel clause

This is not a contract at all. It is more of a desire

11

D: Liquidated Debt

Amount has been ascertained, fixed, agreed on, or exactly determined

12

D: Unliquidated Debt

Parties give up legal right to contest the amount in dispute

13

D: Accord and Satisfaction

Debtor offers to pay lesser amount than creditor purports to be owed

14

D: Release

Bars any further recovery beyond the terms in the release generally binding if...
-Given in good faith
-Signed into writing
-Consideration

15

D: Promissory Estoppel

Plaintiff must show he reasonable and substantially relied on promise on the promise

16

What are the Promissory Estoppels promises?

-Must be defined promise
-Promise must justifiably rely on the promise
-Reliance is substantial
-Justice will be served by enforcing promise