Business Law ch 13

Unliquidated data

the amount of debt is not settled, fixed, agreed on, ascertained or determined

Forbearance

the refraining from an action that one has a legal right to undertake

Rescission

the unmaking of a contract so as to return the parties to the positions they occupied before the contract was made

Covenant not to sue

An agreement to substitute a contractual obligation for some other type of legal action based on a valid claim.

Liquidated debt

A debt whose amount has been ascertained, fixed, agreed on, settled, or exactly determined.

Promissory estoppel

A doctrine that applies when a promisor makes a clear and definite promise on which the promisee justifiably relies; such a promise is binding if justice will be better served by the enforcement of the promise.