Business Law

  1. An agreement for payment (or other performance) between two parties, one of whom has a right of action against the other. After the payment has been accepted or other performance has been made, the _________ is complete and the obligation is discharged.
    Accord and Satisfaction
  2. Generally, the value given in return for a promise or a performance. The _____, which must be present to make the contract legally binding, must be something of legally sufficient value and bargained for.
  3. An agreement to substitute a contractual obligation for some other type of legal action based on a valid claim.
    Covenant not to Sue
  4. The act of regraining from an action that one has a legal right to undertake.
  5. An act done before the contract is made, which ordinarilly, by itself, cannot be consideration for a later promise to pay for the act.
    Past Consideration
  6. A contract in which one party forfeits the right to pursue a legal claim against the other party.
  7. A remedy whereby a contract is canceled and the parties are returned to the positions they occupied before the contract was made; may be effected through the mutual consent of the parties, by their conduct, or by court decree.
Card Set
Business Law