What a person demands and generally must receive in order to make his or her promise legally binding
Business Law - Chp. 8: Consideration

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Business
•
12th Grade
•
Hard
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1.
FLASHCARD QUESTION
Front
Back
consideration
2.
FLASHCARD QUESTION
Front
Change in the legal position of a party as a result of a contract
Back
legal value
3.
FLASHCARD QUESTION
Front
Voluntary transfer of ownership without consideration
Back
gift
4.
FLASHCARD QUESTION
Front
Refraining from doing what one has a right to do
Back
forbearance
5.
FLASHCARD QUESTION
Front
Token amount identified in a written contract when parties either cannot or do not wish to state the amount precisely
Back
nominal consideration
6.
FLASHCARD QUESTION
Front
Debt for which the parties agree that the debt exists and on the amount of the debt
Back
liquidated debt
7.
FLASHCARD QUESTION
Front
Enforcement of a promise to avoid injustice by denying to the promisor the defense of lack of consideration
Back
promissory estoppel
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