| A | B |
|---|
| composition of creditors | Agreement of all creditors to accept a proportion of their claims as full payment. |
| compromise of a disputed claim | Mutual promises to refrain from bringing suit. |
| consideration | What one gives and receives in a contract. |
| forbearance | Refraining from doing what one has a right to do. |
| gift | Voluntary transfer of ownership without consideration. |
| nominal consideration | A token amount (consideration) identified in a written contract when parties either cannot or do not wish to state the amount precisely. |
| past consideration | Value given before a contract is made. |
| promisee | The person to whom the promise or action is given in exchange for the other person's promise or action. |
| promisor | The person who gives the promise or action in exchange for the promise or action of another. |
| promissory estoppel | When a promise is enforced even though no consideration is given for it. |
| seal | An impression on a document, a paper, or wax affixed to the document, or the word "SEAL" or the letters "L.S." on the document indicating that the parties intend to be legally bound. |
