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Business_Law_chap_9_vocab - claim resulting from an alleged...

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Ben Quach Business Law chap 9 vocab Forbearance – the promise to refrain from doing something that aparty has a legal right to do. Promisor – in the making of a contract, the party who makes a promise. Promisee– in the making of a contract, the party to whom a promise is made. Pledge – a promise to donate money to a church, hospital college, or other charitable organization. General release – a written agreement in which an aggrieved party can discharge in whole or in part a
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Unformatted text preview: claim resulting from an alleged breach of contract. Barren promise – a promise to pay an existing debt or to obey the law. Preexisting duty – an obligation that a party is already bound to by law or by some other agreement. The party may not use this as consideration in a new contract. Gratuitous promise – a promise that does not require some benefit in return. Past consideration – a promise to repay someone for a benefit after it has been received....
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