| A | B |
|---|
| Agreement by all creditors to accept something less than the total for their claims in full satisfaction of a debtor's obligations | composition of creditors |
| token consideration, which bears no relation to the real value of the contract | nominal consideration |
| what a person demands and generally must receive in order to make her or his promise legally binding | consideration |
| refraining from doing what one has a legal right to do | forbearance |
| Voluntary transfer of ownership of property without consideration | gift |
| Change in the legal position of a party as a result of a contract | legal value |
| Act that has already been performed and thus cannot be consideration for a promise in the present | past consideration |
| enforcement of a promise to avoid injustice, even though no consideration is given for it | promissory estoppel |
| Person who makes a promise | promisor |
| person to whom a promise is made | promisee |
| contractual situation in which a seller agrees to supply all the needs of a particular buyer | requirements contract |
| parties agreement to change the obligation required by their original contract and the performance of the new obligation | accord and satisfaction |
| person receiving gift | donee |
| person giving the gift | donor |
| debt for which the parties agree that the debt exists and onthe amount of the debt | liquidated debt |
| agreement to purchase all of a particular producer's production | output contract |
| party settles a claim at the time the tort occurs, and the liability is unliquidated because the extent of damages is uncertain | release |
| state laws setting time limits for bringing a lawsuit | statute of limitations |
