The flashcards below were created by user
Drizzle
on FreezingBlue Flashcards.
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Forbearance
The promise to refrain from doing something that a party has a legal right to do.
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Promisor
In the making of a contract, the party who makes a promise.
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Promisee
In the making of a contract, the party to whom a promise is made.
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Pledge
A promise to donate money to a church, temple, mosque, hospital, college, cultural institution, or other charitable organization.
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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.
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Barren promise
A promise to pay an existing debt or to obey the law, or a similar promise of something already owed.
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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.
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Gratuitous promise
A promise that does not require some benefit in return.
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Illusory promise
One that consists of an indefinite, open-ended statement purporting to be an agreement
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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.
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Past consideration
A promise to repay someone for a benefit after it has been received.
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