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10 Cards in this Set
- Front
- Back
Consideration
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the value given in return for a promise or in return for performance
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Forbearance
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The refraining from an action that one has a legal right to undertake.
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Rescission
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the unmaking of a contract so as to return the parties to the positions they occupied before the contract was made
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Adequacy of consideration
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relates to how much consideration is given and whether a fair bargain was reached
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Preexisting duty
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consideration is no legally sufficient if one is either by law or by contract under a preexisting duty to perform the action being offered as consideration for a new contract
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Past consideration
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actions or events that have already taken place do not constitute legally sufficient consideration.
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Illusory promises
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when the nature of extent of performance is too uncertain, the promis is rendered illusory and unenforceable
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Accord and satisfaction
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a debtor's offer of payment and a creditor's acceptance of a lesser amount than the creditor was originally owed.
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Release
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one party forfeits the right to pursue a legal claim against the other party
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Covenant not to sue
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an agreement to substitute a contractual obligation for some other type of legal action based on a valid claim
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