Business Law Ch 12 Part I

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A promise by one party to pay another for refraining from an act is enforceable.

A transaction that lacks a bargained-for exchange lacks an element of consideration.

The doctrine of promissory estoppel does not apply if there is a clear and definite promise.

A promise to pay for an act that has yet to occur is unenforceable.

Parties are not generally free to bargain as they wish.

Risks ordinarily assumed in business do not constitute consideration for the modification of a contract.

A promise to do what one already has a legal duty to do is legally sufficient consideration.

Rescission is the dissolution of a contract that returns the parties to the positions they held before the contract.