| A | B |
|---|
| parties' agreement to change the obligation required by their original contract and the performance of the new obligation | accord and satisfaction |
| agreement by all creditors to accept something less than the total amount of their claims as full payment | composition of creditors |
| what a person demands and generally must receive in order to make his or her promise legally binding | consideration |
| person receiving a gift | donee |
| person giving a gift | donor |
| refraining from doing what one has a right to do | forbearance |
| voluntary transfer of ownership without consideration | gift |
| change in the legal position of a party as a result of a contract | legal value |
| debt for which the parties agree that the debt exists and on the amount of the debt | liquidated debt |
| token amount identified in a written contract when parties either cannot or do not wish to state the amount precisely | nominal consideration |
| agreement to purchase all of a particular producer's production | output contract |
| act that has already been performed cannot be consideration for a promise in the present | past consideration |
| person to whom the promise or action is given in exchange for the other person's promise or action | promisee |
| person who gives the promise or action in exchange for the promise or action of another | promisor |
| enforcement of a promise to avoid injustice by denying to the promisor the defense of lack of consideration | promissory estoppel |
| party settles a claim at the time the tort occurs, and the liability is unliquidated because the extent of damages is uncertain | release |
| seller agrees to supply all of the needs of a particular buyer | requirements contract |
| performance of the new contractual obligation parties have agreed to substitute for their original obligation | satisfaction |
| state laws setting time limit for bringing a lawsuit | statute of limitations |
| grossly unfair contract for the sale of goods | unconscionable conract |
