| A | B |
|---|
| accord and satisfaction | parties' agreement to change obligation required by their original contract and performance .of new obligation |
| composition of creditors | Agreement by all creditors to accept something less than the total debtor's obligations |
| consideration | Promise or action in exchange for promise or action of another |
| donee | person giving gift |
| donor | person receiving gift |
| firm offer | merchant's binding written promise to keep open an offer to buy or sell goods |
| forbearance | refraining from doing what one has a right to do |
| gift | voluntary transfer of ownership of property without consideration |
| legal value | change in the legal position of a party as a result of the contract |
| liquidated debt | debt for which parties agree there's a debt and the amount on the debt |
| nominal consideration | Token which bears no relation to the real value of the contract |
| option contract | underlying contract to keep contract open |
| output contract | agreement to purchase all of particular producer's production |
| past consideration | act already performed and cannot be used for future |
| promisee | person to whom promise is made |
| promisor | one who makes a promise |
| promissory estoppel | enforcement of a promise to avoid injustice with no consideration |
| requirements contract | seller agrees to supply all needs of particular buyer |
| release | party settles a claim at time tort occurs and liability is unliquidated because extent of damages uncertain |
| statute of limitations | state laws setting time limit for bringing a lawsuit. |
