| A | B |
|---|
| Gratuitous | free agreements |
| Consideration | exchange of benefits & detriments by parties in an agreement |
| Benefit | something a party was not previously entitled to receive |
| Detriment | any loss suffered from an agreement |
| Forbearance | not doing something you have the legal right to do |
| Unconscionable | agreement or contract that is considered to be completely out of line |
| Release | agreement not to sue |
| Accord and satisfaction | when one party to an agreement agrees to accept something different from the original contract |
| Seal | a mark or impression placed on a written contract |
| Promissory estoppel | prevents a party from taking back promises on which another party relies |
| Illusory promise | a contract that may appear to be binding, but is actually hollow |
| Past consideration | consideration that took place in the past or that is given for something that has already been done |
| Preexisting Duty | an existing legal obligation to do something |
| Contract | any agreement enforceable by law |
| Offer | a proposal by one party to another intended to create a legally binding contract |
| Acceptance | The second party's willingness to go along with the first party's proposal |
| Capacity | the legal ability to enter a contract |
