| A | B |
|---|
| composition of creditors | An agreement by all creditors to accept something less than the total amount of their claims in full satisfaction of a debtor's obligations. |
| nominal consideration | Token consideration, which bears no relation to the real value of the contract. |
| consideration | The promise or action of one person in exchange for the promise or the action of another person. |
| forbearance | Refraining from doing what one has a right to do. |
| gift | Voluntary transfer of ownership of property without consideration. |
| compromise of a disputed claim | Mutual promises of a debtor and creditor not to go to court to settle a disagreement regarding the amount of a debt. |
| past consideration | Act that has already been performed adn thus cannot be consideration for a promise in the present |
| promissory estoppel | When a promise is enforced to avoid injustice, even though no consideration is given for it. |
| promisor | Person who makes a promise |
| promisee | Person to whom a promise is made. |
