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30 Cards in this Set
- Front
- Back
Adequacy of consideration
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not required where parties have freely agreed to the exchange
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Bargained-for exchange
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mutually agreed-upon exchange
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Conditional promise
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obligations contingent upon a stated event
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Consideration
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inducement to make a promise enforceable
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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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Disputed debt
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obligation whose existence or amount is contested
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Exclusive dealing
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sole right to sell goods in a defined market
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Gratuitous promise
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promise made without consideration
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Illusory promise
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promise imposing no obligation on the promisor
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Legal benefit
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obtaining something to which one had no legal right
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Legal detriment
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(1) doing an act that one is not legally obligated to do or (2) refraining from doing an act that one has a legal right to do
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Legal sufficiency
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benefit to the promisor or detriment to the promisee
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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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Moral obligation
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a promise made to satisfy a preexisting moral obligation is generally unenforceable for lack of consideration
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Output contract
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agreement to sell all of one’s production
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Past consideration
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unbargained-for past events
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Preexisting contractual duty
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performance of a preexisting contractual duty is not consideration
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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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Promise to pay debt barred
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by the statute of limitations a new promise by the debtor to pay the debt renews the running of the statute of limitations for a second statutory period
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Promise to pay debt discharged
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in bankruptcy may be enforceable without consideration
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Promisee
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person receiving a promise
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Promisor
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person making a promise
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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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Requirements contract
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agreement to buy all of one’s needs
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Settlement of a 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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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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Statute of limitation
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time period within which a lawsuit must be initiated
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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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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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