Flashcards
BLAW PP8 Consideration
Cards in this deck (18)
- 1Considerationsomething of value, given in exchange for something else of value, that is the product of a mutually bargained for exchange
- 2Four examples of considerationbenefit to promisor, detriment to promisee, promise to do something, promise to refrain from doing something
- 3For a promise to be enforced legally there must beconsideration
- 4exception to rule of considerationpromissory estoppel
- 5promissory estoppelone party makes promise knowing other party will rely on it, other party relies on promise
- 6actual relianceother party relies on promise
- 7things that arent considerationillusory promise, past consideration, pre existing duty, illegal consideration, moral obligation
- 8Gift promises (gratuitous promises) are unenforceable becausethey lack consideration
- 9UCC Commercial code two typesrequirement contract and output contract
- 10Requirement contractbuyer agrees to purchase all goods needed/required from designated seller
- 11output contractseller agrees to provide all its produces to designated buyer
- 12Output and requirement contract dont have quantity specification t or ftrue
- 13Liquidated debtno dispute as to amount of money owed
- 14unliquidated debtboth parties in good faith dispute fact money owed, or dispute amount of money owed
- 15Partial payment of debt requiresaccord and satisfaction
- 16accord representsagreement
- 17satisfaction representspayment
- 18Requirements for accord and satisfactionunliquidated debt, creditor agrees to accept less than owed, debtor agrees
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- Flashcards on BLAW PP8 Consideration, created by casedlynch on 02/05/2014.
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