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16 Cards in this Set
- Front
- Back
Consideration
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promise or performance that the promisor demands as the price of the promise
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forbearance
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refraining from doing an act
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illusory promise
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promise that in fact does not impose any obligation on teh promisor
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cancellation provision
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crossing out of a part of an instrument or a destructino of all legal effect of the instrument, whether by act of party, upon breach by the other party, or pursuant to agreement or decree of court
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composition of creditors
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agreement among creditos taht each shall accept a part payment as full payment in consideratioin of the other creditors doing the same
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past consideration
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something that has been perfrmed in the past and wehich, therefore, cannot be consderation for a promise made in the present
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promissory estoppel
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doctrine that apromise will be enforced although it is not supported by consideratino when the promisor should have reasonably expected that the promise would induce action or forbearance of a definte and stustantial character on the part of the promisd and injustice can be avoided only by enforcement of the promise
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How do you know where the benefit and detriment is in a contract?
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look for "if" statement
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Forebearance
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to stand back or refrain from, form of consideration,
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Quote for forebearance
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refrain from doing that wich you have a legal righ to do.
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Consideration must be what?
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Good and Valuable
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PUlling someon eout of the water and then having them offer to pay you is an example of what?
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Just "Good" Consideration
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Construction Law for consideration
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Good faith. Adjustments can be made to a contract on good faith. Mistakes dont count however.
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Exceptions to Consideration (2)
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Gifts that are prmised to a non-charitable institute. Firm Offer
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Firm Offer
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Offer between merchants and open for up to 90 days
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Quasi K is a what?
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Substitute to consideration
It's a promise with no "if" |