Business Law - Chp. 8: Consideration

Front

What a person demands and generally must receive in order to make his or her promise legally binding

Back

consideration

Front

Change in the legal position of a party as a result of a contract

Back

legal value

Front

Voluntary transfer of ownership without consideration

Back

gift

Front

Refraining from doing what one has a right to do

Back

forbearance

Front

Token amount identified in a written contract when parties either cannot or do not wish to state the amount precisely

Back

nominal consideration

Front

Debt for which the parties agree that the debt exists and on the amount of the debt

Back

liquidated debt

Front

Enforcement of a promise to avoid injustice by denying to the promisor the defense of lack of consideration

Back

promissory estoppel

Front

Person giving a gift

Back

donor

Front

Person receiving a gift

Back

donee

Front

Person who gives the promise or action in exchange for the promise or action of another

Back

promisor