Law Chapter 9 Vocab

parties' agreement to change the obligation required by their original contract and the performance of the new obligation

• donee
• accord and satisfaction
• composition of creditors
• promissory estoppel

binding offer stating in writing how long it is to be held open

• gift
• requirements contract
• firm offer
• option contract

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

• past consideration
• consideration
• legal value
• nominal consideration

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

• promisor
• promissory estoppel
• promisee
• output contract

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

• requirements contract
• release
• accord and satisfaction
• composition of creditors

refraining from doing what one has a right to do

• liquidated debt
• gift
• forbearance
• statute of limitations

underlying contract to keep an option open

• promisee
• option contract
• nominal consideration
• legal value

promise is enforced even though no consideration is given for it

• promissory estoppel
• statute of limitations
• requirements contract
• promisee

that which is given or received in a contract

• consideration
• composition of creditors
• liquidated debt
• accord and satisfaction

voluntary transfer of ownership without consideration

• donor
• nominal consideration
• gift
• forbearance