Business Law Ch 15

An arrangement between contracting parties whereby one of the parties substitutes a different performance for his or her original duty under the contract. The promise to perform the new duty is the accord, and the actual performance of that new duty is the satisfaction.

The bargained-for exchange; what each party gets in exchange for his or her promise under a contract.

A situation in which a party appears to commit to something but really has not committed to anything. It is not a promise and thus not consideration.

Debt for which there is no dispute between the parties about the fact that money is owed and the amount of money owed.

An agreement in which the seller guarantees to sell everything he or she produces to one buyer and no quantity is stated; valid under the UCC but not under common law.

A promise to do something that one is already obligated to do. It is not considered valid consideration.

The legal enforcement of an otherwise unenforceable contract due to a party’s detrimental reliance on the contract.

A contract in which a buyer agrees to purchase all his or her goods from one seller and no quantity is stated; valid under the UCC but not under common law.

A debt for which the parties either dispute the fact that any money is owed or agree that some money is owed but dispute the amount.