Term
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Definition
something of legal value given in exchange for a promise
1)_____ is a necessary element for the existance of a contract.
2)Common types of _____ are: 1) a tangible payment (money or propery); or 2)performance of an act (e.g. providing legal services)
3)_____ consists for two elements: 1)something of legal value must be given; and 2) there must be a bargained for exchange |
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Definition
1)somthing of _____ must be given.
2) Under the modern law of contracts, a contract is considered supported by legal value if: 1)the prmisee suffers a legal detriment; or 2)the promisor receives a legal benefit. |
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Term
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Definition
| exchange that parties engage in that leads to an enforceable contract. |
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Term
| Gift or gratuitous promise |
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Definition
| an enforceable promise because it lacks consideration |
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Term
| When is Consideration inadequate? |
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Definition
| courts don't usually determine adequacy of consideration, unless it "shocks the conscience" |
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Term
| Output contracts and requirement contracts |
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Definition
| the two special types of business contracts that specifically allow a greater degree of uncertainty concerning consideration: |
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Definition
a promise to refrain from doing an illegal act.
-Such a promise will not suprot a contract |
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Term
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Definition
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
-such promises are unenforceable |
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Definition
1)promises made out of a sense of ________ or honor lack consideration
2)Moral consideration is not treated as legal consideration
3)Such promises are unenforceable in most states |
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Term
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Definition
a promise lacks consideration if a person promises to perform an act or do something he or she is already under an obligation to do
1)the promise is unenforceable because no new consideration has been given
2)the ____ rule arises when one of the parties to an existing contract seeks to change the terms of the contract during the course of its performance
3)Such midestream changes are unenforceable
4)the parties have a preexisting duty to perform accourding to the original terms of the contract
5)Sometimes a party to a contract runs into substantial unforeseen difficulties while performing his or her contractual duties
6)the contract can be modified and enforced without new consideration being given |
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Term
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Definition
1)problems of ______often arise when a party to a contract promises to pay additional compensation for work done in the past.
2)_______ (e.g. prior acts) will not support a new contract
3)New consideration must be given |
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Term
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Definition
1)the law promotes the voluntary settlement of disputed claims.
2)Settlement:
-saves judicial resources
-serves the interest of the parties entering into the settlement |
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Term
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Definition
an aggreement whereby the parties agree to accept something different in satisfaction of the original contract
-if this is not satisfied, the other party can sue to enforce either the ___ or the original contract |
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Term
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Definition
| the performance of the accord |
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Term
| Promissory estoppel (detrimental reliance) |
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Definition
1)a doctrine that prevents the withdrawal of a promise by a promisor if it will adversely affect a promisee who has adjusted his or her position in justifiable reliance on the promise.
2)For this to be applied, the following must be shown 1)the promisor made a promise 2)the promisor should have reasonably expected to induce the promise to rely on the promise. 3)the promisee actually relied on the promise and engaged in an action or forbearance of a right of a definite and substantial nature. 4)injustice would be caused if the promise were not enforced |
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