Business Law Chapter 8 Lesson 2

An agreement to purchase all of a particular producer’s production.

• Output contract

• Requirement Contract

• Liquidated Debt

• Release

The seller agrees to supply all of the needs of a particular buyer.

• Output Contract

• Requirements Contract

• Liquidated Debt

• Release

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

• Unliquidated Debt

• Release

• Liquidated Debt

• Liquidateds Debt

The parties’ agreement to change the obligation required by their original contract and the performance of the new obligation.

• Unicord and unsatisfaction

• Unsatisfaction and Accord

• Satisfaction and Accord

• Accord and Satisification

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

• Release

• Past Consideration

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

• Composition with Creditors

• Composition for Creditors

• Composition against Creditors

An act that has already been performed cannot be consideration for a promise in the present.

• Past Consideration

• Past

• Consideration