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| Free; Is not enforced by the law. |
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| The exchange of benefits and detriments by parties to an agreement. |
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| Something that a party was not previously entitled to receive. |
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| Any loss suffered in an agreement. |
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| THe final type of consideration. Not doing something that you have the legal right to do. |
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| A promise is made in return for another promise, an act, or a promise not to act. |
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| A contract is deemed this in situations where the courts believe the consideration in a contract is completely out of line. |
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| The acceptance by the creditor of less than what has billed to the debtor. |
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| The agreed-to settlement as contained in the accord. |
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| a mark or an impression placed on a written contract indicating that the instrument was executed and accepted in a formal manner. |
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| A promise may be enforceable without consideration. |
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| Consideration given by the offeree to the offeror in exchange for a promise from the offeror to keep an offer open for a specified period of time. |
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| An irrevocable offer which must be signed by the offeror. |
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| Agreements that appear at first glance to be contracts but on further scrutiny are revealed to be hollow. |
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| Consideration that took place in the past or that is given for something that has already been done; Is not regarded as legal by the courts. |
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Term
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Definition
| If a person is already under a legal obligation to do something, a promise to do that same thing is not consideration. |
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