| A | B |
|---|
| consideration | what a person demands and generally must receive in order to make his or her promise legally binding |
| gift | transfer of ownership without receiving anything in return |
| donor | the person giving the gift |
| donee | the person receiving the gift |
| forbearance | to not do something |
| promisor | person promising an action or forbearance |
| promisee | person to whom the promise is made |
| legal value | change in a party's legal position as a result of the contract |
| nominal consideration | token amount |
| output contract | buyer agrees to purchase all of a particular producer's production |
| requirement contract | seller agrees to supply all of the needs of a particular buyer |
| liquidated debt | parties agree that the debt exists and on the amount of the debt |
| accord and satisfaction | payment offered in full settlement by the debtor and accepted by a creditor settles the claim |
| release | discharge agreement |
| composition with creditors | debtor agrees not to file for bankruptcy |
| past consideration | act that has already been performed cannot serve as consideration for a later promise |
