Business Law Chapter. 8 Questions With Accurate Answers.
Promisee - accurate answers-person to whom a promise is made
Forbearance - accurate answers-Refraining from doing what one has a right to
do
Composition with creditors - accurate answers-agreement by all creditors to
accept something less than the total amount of their claims as full satisfaction
of a debtor's obligations
requirement contract - accurate answers-Contractual situation in which a
seller agrees to supply all the needs of a particular buyer
promisor - accurate answers-Person who makes a promise
promissory estoppel - accurate answers-enforcement of a promise to avoid
injustice by denying to the promisor the defense of lack of consideration
nominal consideration - accurate answers-token consideration which bears
no relation to the real value of the contract.
consideration - accurate answers-What a person demands and generally must
receive in order to make her or his promise legally binding.
past consideration - accurate answers-act that has already been performed
and thus cannot be consideration for a promise in the present
gift - accurate answers-voluntary transfer of ownership of property without
consideration
legal value - accurate answers-change in the legal position of a party as a
result of the contract
output contract - accurate answers-a contract in which the buyer agrees to
buy all of the item manufactured by the producer
Promisee - accurate answers-person to whom a promise is made
Forbearance - accurate answers-Refraining from doing what one has a right to
do
Composition with creditors - accurate answers-agreement by all creditors to
accept something less than the total amount of their claims as full satisfaction
of a debtor's obligations
requirement contract - accurate answers-Contractual situation in which a
seller agrees to supply all the needs of a particular buyer
promisor - accurate answers-Person who makes a promise
promissory estoppel - accurate answers-enforcement of a promise to avoid
injustice by denying to the promisor the defense of lack of consideration
nominal consideration - accurate answers-token consideration which bears
no relation to the real value of the contract.
consideration - accurate answers-What a person demands and generally must
receive in order to make her or his promise legally binding.
past consideration - accurate answers-act that has already been performed
and thus cannot be consideration for a promise in the present
gift - accurate answers-voluntary transfer of ownership of property without
consideration
legal value - accurate answers-change in the legal position of a party as a
result of the contract
output contract - accurate answers-a contract in which the buyer agrees to
buy all of the item manufactured by the producer
