Consideration--Types, Questionable, Not Required

An exception to rule that mutual consideration is needed for valid contract or binding promise

"One dollar and other consideration" is what kind of consideration?

A clause in a contract giving either party the right to end the contract for any reason is a(n)

Legal value is found in 

Usually what parties give and get as consideration needs to be of equal economic value.

The transfer of ownership without receiving anything in return

A payment offered in full settlement by the debtor & accepted by a creditor settles the claim

The person giving a gift

That which is given or received in a contract

Settling a claim, while liability is still unliquidated because extent of damages is uncertain

The transfer of ownership without receiving anything in return is called a gift.

A settlement: creditors agree to take less than the debt & debtor agrees not to file bankruptcy

Agreeing not to file bankruptcy in return for creditors accepting less than their full debt is

Person to whom a promise is made

Buyers agreement to purchase all of a particular producer's production is called a/n...

If a bakery agrees to supply all the pastries a particular restaurant needs, what is created?

A contract containing a clause allowing you to escape legal obligation is said to be...

The power to withdraw from a contract if business circumstances change

The person receiving a gift

The statute of limitations specifies....

An unenforceable statement because terms express uncertainty of performance, thus no promise

A liquidated debt is one where the parties agree...

You agree to purchase an item for $1200. When you pay $800 to leave the offer open you create..

When Marty agrees to take possession of her uncle's gift to her, she becomes a...

When consideration is provided to keep an offer open it creates ...

Which of the following is not given in mutual consideration?

The person who promises an action or forbearance

A promise to not do something is known as