Search Results for: PREEXISTING-DUTY RULE

past consideration

An act done or a promise given by a promisee before making a promise sought to be enforced. • Past consideration is not consideration for the new promise because it has not been given in exchange for this promise (although exceptions exist for new promises to pay debts barred by limitations or debts discharged in

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composition

composition, n. 1. An agreement between a debtor and two or more creditors for the adjustment or discharge of an obligation for some lesser amount; an agreement among the debtor and two or more creditors that the debtor will pay the creditors less than their full claims in full satisfaction of their claims. • The

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