Person passed out on morton hill you call 911 and the

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Ex. Person passed out on Morton hill, you call 911, and the person gained  consciousness, they person who passes out says they will give you money for your  actions, but never does.  They are not entitled to give you money because it’s not a  contract.  You do not need to pay someone for something they already did. Illusory Promises- Promisor has not definitely promised to do anything (no promise at all) Option-to-Cancel Clauses Ex. You work for a company, boss tells you if you keep it up you could get a raise. You  keep working at the same level of activity and not raise comes.  You then want to sue for  breach of contract, you will lose.  It’s not a contract because he says you may.  When Can Claims be Settled? Accord and Satisfaction-  debtor offers to pay a lesser amount than the creditor  purports to be owed Ex.  You offer to sell someone your vase for $1200. The contract went through, but you  end up not being able to pay a couple payments because its too much money.  However, it’s too much money to take this person to court.  You enter into an Accord and  Satisfaction.  You then make a new contract with a lesser amount.  Once they pay the  contract is done.  They don’t owe you SHATTT after that. MUST GET THIS IN  WRITING. It must override the previous contract.  This is not doable with a lease. If there is a month to month payment, you need to go to  court for it
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Liquidated Debt:  amount has been ascertained, fixed, agreed on, settles or exactly  determined Unliquidated Debt:  Parties give up legal right to contest the amount in dispute and thus  consideration is given Release-  bars any further recovery beyond the terms stated in the release If you sign a release, you are saying the other party is free of all money due under the  contract Ex.  You get into a wreck, but it doesn’t look too bad.  You beg the person to not call the  cops and that you will pay for the damage out of pocket.  You write that you promise to  pay for it, and you give her $300 ahead of time.  You write on the paper that once she  signs, she releases you from what happened no matter what the cost of damage Covenant not to Sue-  is an agreement to substitute contractual obligation for some  other type of legal action based on a valid claim If you promise to pay all damages to this accident, (above), the other party promises to  not sue.  As long as you live up to the covenant, they have no legal grounds to sue What is Promissory Estople?
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  • Fall '12
  • Roach
  • Law

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