Definitions 2 - Chapter 10 Accord 189 the implied or...

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Chapter 10 Accord 189 –  the implied or expressed acceptance of less than what the creditor  billed the debtor  Accord and satisfaction 189 –  An agreement (accord) whereby a creditor  accepts as full payment an amount that is less than the amount due. Bargained-for-exchange 86 –  In reference to agreements, when a promise is  made in exchange for another promise, in exchange for an act, or in exchange  for a forbearance to act. Consideration 185 –  In contract law, the mutual promise to exchange benefits  and sacrifices between parties. Detriment 185 –  In contract law, doing (or promising to do) something that one  has a legal right not to do, giving up (or promising to give up) something that one  has a legal right to keep, or refraining from doing (or promising not to do)  something that one has a legal right to do  Disputed amount 189 –  Consideration on which parties to a contract never  agrees. Estoppel 193 – A legal bar to denying acts, statements, or promises that are  relevant and material to the validity of an insurance contract. Firm offer 194 –  A rule that no consideration is necessary when a merchant  agrees in writing to hold an offer open for the sale of goods. Forbearance 185 –  The act of refraining from doing (or promising not to do)  something that a person has a legal right to do. Illusory promise 195  – A promise that does not obligate the promisor to  anything. 
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Irrevocable offer 194  – A rule that no considerations is necessary when a  merchant agrees in writing to hold an offer open for the sale of goods. Also called  firm offer. Locus sigilli 193  – The place of the seal. The abbreviation L.S. is often used in  place of the seal itself on formal written contracts. Option 194  – In contract law, the giving of consideration to support an offeror’s  promise to hold an offer open for a stated or reasonable length of time. Also  called option contract. Past consideration 195  – A promise to give another something of value in  return for goods or services rendered and delivered in the past. Preexisting duties 194 –  An obligation that a part is already bound to by law or  by some other agreement. The party may not use this as consideration in a new  contract. Promissory estoppel 193  – The legal doctrine that restricts an offeror from  revoking an offer, under certain conditions, even though consideration has not  been promised to bind the agreement. To be effective, promissory estoppel  requires that the offeror know, or be presumed to know, that the offeree might 
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