Essentials of Business Law Chapter 10

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  1. Forbearance
    The promise to refrain from doing something that a party has a legal right to do.
  2. Promisor
    In the making of a contract, the party who makes a promise.
  3. Promisee
    In the making of a contract, the party to whom a promise is made.
  4. Pledge
    A promise to donate money to a church, temple, mosque, hospital, college, cultural institution, or other charitable organization.
  5. General release
    Statutes that permit a person who has a claim against another to give up, or release, his or her claim without an exchange of consideration by making a written statement to that effect.
  6. Barren promise
    A promise to pay an existing debt or to obey the law, or a similar promise of something already owed.
  7. Preexisting duty
    An obligation that a party is already bound to by law or by some other agreement.  The party may not use this as consideration in a new contract.
  8. Gratuitous promise
    A promise that does not require some benefit in return.
  9. Illusory promise
    One that consists of an indefinite, open-ended statement purporting to be an agreement
  10. Moral consideration
    Something that a person is not legally bound to do but that he or she may feel bound to do because of love, friendship, honor, sympathy, conscience, or other reason.
  11. Past consideration
    A promise to repay someone for a benefit after it has been received.
Card Set
Essentials of Business Law Chapter 10
Chapter 10
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