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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
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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.
Consideration
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An agreement to substitute a contractual obligation for some other type of legal action based on a valid claim.
Covenant not to Sue
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The act of regraining from an action that one has a legal right to undertake.
Forbearance.
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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
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A contract in which one party forfeits the right to pursue a legal claim against the other party.
Release
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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.
Rescission
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