Biz LAw Oct. 24.docx - Agreements That Lack...

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Agreements That Lack Consideration -Unforeseen Difficulties -Recession New Contract -Past Consideration is no consideration because the bargained-for exchange element is missing -Illusory promises -promisor has not definitely promised to do anything (no promise at all) -A person who makes an illusory promise can choose to perform or not perform his obligation -Claims are commonly settled -through an accord and satisfaction OR - by the signing of a release -Accord and Satisfaction (accord is a contract to accept a lesser amount) -Debtor offers to pay a lesser amount than the creditors purports to be owed -Release - a release is a contract in which one party forfeits the right to pursue a legal claim against the other party -Bars any further recovery beyond the terms stated in the release -Example: B hits A’s car. B offers to give a $5000 if A will release him from further liability resulting from the accident. A agrees and signs the release. A later discovers that the damage to his car his…. TOO BAD A signed the lease. Exceptions To The Consideration Requirement -The following types of promises may be enforced
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