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30 Cards in this Set
- Front
- Back
Consideration
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Inducement to make a promise enforcement
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Gratuitous Promise
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Promise made without consideration
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Legal Sufficiency
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Benefit to the promisor or detriment to the promisee
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Legal Detriment
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Either doing an act that one is not legally obligated to do or refraining from doing an act that one has a legal right to do
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Legal Benefit
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Obtaining something to which one had no legal right
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Adequacy of Consideration
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Not required where parties have freely agreed to the exchange
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Promisor
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Person making a promise
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Promisee
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Person receiving a promise
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Illusory Promise
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Promise imposing no obligation on the promisor
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Output Contract
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Agreement to sell all of one's product
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Requirements Contract
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Agreement to buy all of one's needs
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Exclusive Dealing
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Sole right to sell goods in a defined market
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Conditional Promise
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Obligations contingent upon a stated event
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Preexisting Public Obligations
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Performance of public duties such as those imposed by tort or criminal law is neither a legal detriment nor a legal benefit
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Preexisting Contractual Duty
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Performance of a preexisting contractual duty is not consideration
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Modification of a Preexisting Contract
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Under the common law, a modification of a preexisting contract must be supported by mutual consideration; under the Code a contract can be modified without new consideration
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Substituted Contract
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Parties rescind their original contract and enter into a new one
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Undisputed Debt
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Obligation whose existence and amount are not contested
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Settlement of an Undisputed Debt
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Payment of a lesser sum of money to discharge an undisputed debt does not constitute legally sufficient consideration
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Disputed Debt
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Obligation whose existence or amount is contested
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Settlement of Disputed Debt
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Payment of a lesser sum of money to discharge a disputed debt is legally sufficient consideration
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Bargained-for Exchange
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Mutually agreed upon exchange
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Past Consideration
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Unbargained-for past events
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Statute of Limitations
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Time period within which a lawsuit must be initiated
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Promise to Pay Debt Barred by Statute of Limitations
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A new promise by the debtor to pay the debt renews the running of the statute of limitations for secondary statutory period
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Promises to Pay Debt Discharged in Bankruptcy
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May be enforceable without consideration
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Voidable Promises
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A new promise to perform a voidable obligation that has not been previously avoided is enforceable
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Moral Obligation
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A promisee made to satisfy a preexisting moral obligation is generally unenforceable for lack of consideration
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Promissory Estoppel
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Doctrine that prohibits a party from denying his promise when the promisee takes action or forbearance to his detriment reasonably based upon the promise
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Contracts Under Seal
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Where still recognized the seal acts as a substitute for consideration
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