When there is a dispute over the amount owed a subsequent agreement stipulating the amount and promising its payment is referred to as a n?

When there is a dispute over the amount owed a subsequent agreement stipulating the amount and promising its payment is referred to as a n?

120 seconds. When there is a dispute over the amount owed a subsequent agreement stipulating that amount and promising its payment is referred to as a(n) accord. satisfaction.

What are three possible forms of consideration?

Something bargained for and received by a promisor from a promisee. Common types of consideration include real or personal property, a return promise, some act, or a forbearance. Consideration or a valid substitute is required to have a contract.

Will disagrees with his bank over the money due to pay off a loan after some negotiations they agree that if Will pays 75% of the amount the bank believes it is due the debt will be canceled this agreement is termed an?

Will disagrees with his bank over the money due to pay off a loan. After some negotiations, they agree that if Will pays 75% of the amount the bank believes it is due, the debt will be canceled.

What the parties give and get as consideration need not be of equal economic value?

Consideration can be given by conferring the benefit or by incurring a detriment. Consideration never consists of a change in a party’s legal position as a result of the contract. Generally, what the parties give and get as consideration need to be of equal economic value. A promise must be binding to be consideration.

What is the most common form of legal value?

Business Law – Lesson 09.1 Activity

A	B
A change in a party’s legal position as a result of a contract	Legal Value
A transfer of ownership without receiving anything in return	Gift
A person to whom a promise is made	Promisee
The most common form of legal value	Exchange of two benefits

What is a token amount of money given as consideration?

Nominal consideration. A token amount of money given as consideration. Exchange of two Benefits. A legal concept that distinguishes between social promises and serious transactions.

What are the six types of consideration?

Me too!

• 1.An offer made by the offerer.
• 2.An acceptance of the offer by the offeree.
• Consideration in the form of money or a promise to do or not do something.
• Mutuality between parties to carry out the promises of the contract.
• Capacity of both parties in mind and age.
• Legality of terms and conditions.

What are the 4 types of consideration?

Kinds of Consideration

• Executory Consideration or Future Consideration,
• Executed Consideration or Present Consideration, or.
• Past Consideration.

What are the two exceptions to the requirement of consideration?

Exceptions to the consideration requirement include the following: Promissory estoppel. Charitable subscriptions. Specific exceptions under the UCC provisions.

What must you prove in a successful promissory estoppel case?

In a successful promissory estoppel case, you must prove reasonable reliance on a promise to your detriment. Promissory estoppel is an exception to the rule requiring consideration.

What are two exceptions to the rule requiring consideration?

One exception to the rule requiring consideration is promissory estoppel. In a bilateral contract the considerations for each promise is a return promise. In a unilateral contract, the consideration is one partys consideration is the promise and the other partys consideration is the act.

Is a promise not to sue consideration?

A promise subsequent to a promisee’s act, not bargained for; it does not count as consideration. The law stipulating how long after a cause of action arises that a person has to sue on it. To be prohibited from denying a promise when another subsequently has relied on it.