BUSINESS LAW - CHAPTER 11 (Contract Consideration, Capacity and Legality)
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- The value given in return for a
- promise or performance in a contractual agreement.
- The act of refraining from an
- action that one has a legal right to undertake.
- A remedy whereby a contract is
- canceled and the parties are returned to the positions they occupied before the
- contract was made.
Accord and Satisfaction
- A common means of settling a
- disputed claim, whereby a debtor offers to pay a lesser amount than the
- creditor purports to be owed.
- A debt whose amount has been
- ascertained, fixed, agreed on, settled, or exactly determined.
- An agreement in which one party
- gives up the right to pursue a legal claim against another party.
Covenant not to Sue
- An agreement to substitute a
- contractual obligation for some other type of legal action based on a valid
- In regard to minors, the act of
- being freed from parental control.
- The legal avoidance, or setting
- aside, of a contractual obligation.
- A party’s act of accepting or
- giving legal force to a contract or other obligation entered into by another
- that previously was not enforceable.
- Necessities required for life,
- such as food, shelter, clothing, and medical attention.
- Charging an illegal rate of
- An agreement by the owner of
- intellectual property to permit another to use a trademark, copyright, patent,
- or trade secret for certain limited purposes.
Covenant not to Compete
- A contractual promise of one
- party to refrain from conducting business similar to that of another party for
- a certain period of time and within a specified geographical area.
- A contract or clause that is void
- on the basis of public policy because one party was forced to accept terms that
- are unfairly burdensome and that unfairly benefit the stronger party.
- A clause that releases a
- contractual party from liability in the event of monetary or physical injury,
- no matter who is at fault.
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