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16 Cards in this Set
- Front
- Back
Promisee
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person to whom a promise is made to
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Promisor
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person who makes a promise to another, a person who promises
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Consideration
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requires a promisee to pay the price the promisor asked for in order to gain the right to enforce the promisors promise
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Legal value
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an act or promise. promisee does or agrees to do something he or she had no prior legal duty to do in exchange for the promisors promise
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Equitable remedies
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seek to enfore grossly inadequate bargains on the grounds that such persons are not entitled to the special treatment
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Contractual
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these cases usually occur when the parties attempt to modify an exisiting contract but no new consideration is furnished to support the agreement to modify
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Unforeseeable difficulties
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court will enforce modification that is not supported by new consideration
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Liquidated debt
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where the exact amount of the debt is known. one that is due and certain, no dispute about the exitence or the amount of the debt
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Unliquidated
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where the exact amount is not known. honest dispute about the existence or amount of a debt
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Accord and satisfaction
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majority view at common law
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Compositions
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agreements between a debtor and two or more creditors who agree to accept a stated percentage of their liquidated
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Past consideration
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where the same consideration has already been rendered there is generally no contract
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Moral obligations
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promises made by a promisor to pay for board and lodging previously provided to a needy relative or close friend, promise to pay debt
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Forbearance
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good faith belief that a person has a valid claim
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Mutuality of obligation
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must be real promises on each side
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Illusory promise
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allows the promiseor to decide whether or not to perform the promise
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