| A | B |
|---|
| consideration | That which is given or received in a contract. |
| gift | The transfer of ownership without receiving anything in return |
| donor | The person giving a gift. |
| donee | The person receiving a gift. |
| forbearance | A promise to not do something |
| promisor | The person who promises an action or forbearance |
| promisee | The person to whom a promise is made |
| statute of limitations | Specifies a time limit for bringing a lawsuit |
| promissory estoppel | allows an exception to the rule of mutual consideration |
| contractual capacity | The ability to understand that a contract is being made and its meaning |
| age of majority | The age at which a person can be legally bound to contracts |
| minor | A person who has not reached the age of majority, which is usually 18. |
| disaffirmance | Ending a contract when both parties give back the consideration |
| emancipation | The severing of the child-parent relationship. |
| mental incapacity | Not having the ability to understand the consequences of contractual acts |
| intoxication | Mental impairment caused by voluntary use of alcohol, drugs, or inhalants |
| scope of authority | Within the range of acts an organization has authorized a party to do. |
