| A | B |
|---|
| Gratuitous | Free agreements which the law has always refused to enforce. |
| Consideration | the exchange of benefits and detriments by parties to an agreement |
| Benefit | something that a party was not previously entitled to receive |
| Detriment | any loss suffered. |
| forbearance | not doing something that you have the legal right to do |
| bargained-for-exchange | A promise is made in return for another promise, an act, or a promise not to act. |
| Unconscionable | when the courts believe that the consideration in a contract is completely out of line |
| Release | A signed agreement often in regards to an agreement not to sue |
| accord and satsifaction | If the creditor accepts a payment that is less than the amount due as full payment |
| Seal | a mark or an impression placed on a written contract indicating that the instrument was executed and accepted in a formal manner |
| promissory estoppel | a promise may be enforceable without consideration |
| option | when an offeree will give consideration to an offeror in exchange for a promise from the offeror to keep an offer open for a specific period of time |
| firm offer | irrevocable offer, must be signed by the offeror |
| illusory promise | agreements that appear to be bound contracts at first but in reality are not |
| past consideration | consideration that took place in the past or that is given for something that has already been done. |
| preexisting duties | if a person is already under a legal obligation to do something, a promise to do that same thing is not consideration. |
