Term
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Definition
| promise or performance that the promisor demands as the price of the promise |
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| refraining from doing an act |
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Definition
| promise that in fact does not improse any obligation on the promisor |
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Definition
| crossing out of a part of an instrument or a destruction of all legal effect of the instrument, whether by act of party, upon breach by the party, or pursuant to agreement or decree of court |
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Definition
| is a promise that depends on the occurrence of a specified condition in order for the promise to be binding |
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Definition
| agreement among creditors that each shall accept a part payment as full payment in consideration of the other creditors doing the same |
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Definition
| something that has been performed in the past and which, therefore, cannot be consideration for a promise made in the present |
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| Uniform Commercial Code (Abloshes the requirement for consideration) 3 things! |
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Definition
1) a merchant's written, firm offer for goods stated to be irrevocable
2) a written discharge of a claim for an alleged breach of a commercial contract
3) an agreement to modify a contract for the sale of goods |
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Term
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Definition
| doctrine that a promise will be enforced although it is not supported by consideration when the promisor should have reasonably expected that the promise would induce action or forebearance of a definite and substantial character on the part of the promised and injustice can be avoided only enforcement of the promise |
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