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

Voluntary transfer of ownership without consideration

Refraining from doing what one has a right to do

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

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

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

Person giving a gift

Person receiving a gift

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

Person to whom the promise or action is given in exchange for the other person’s promise or action

Agreement to purchase all of a particular producer’s production

Seller agrees to supply all of the needs of a particular buyer

Parties’ agreement to change the obligation required by their original contract and the performance of the new obligation

State laws setting time limit for bringing a lawsuit

Party settles a claim at the time the tort occurs, and the liability is unliquidated because the extent of damages is uncertain

Agreement by all creditors to accept something less than the total amount of their claims as full payment

Act that has already been performed cannot be consideration for a promise in the present