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Bankruptcy
A legal process for individuals or entities that cannot repay their outstanding debts, allowing for their assets to be distributed among creditors.
Promissory Estoppel
A legal principle preventing a party from backing out of a promise made, when the other party has relied on that promise to their detriment.
Consideration
The value (usually money, service, or goods) exchanged between parties in a contract that compels them to fulfill their mutual obligations.
Preexisting Duty
An obligation that a party is already bound to by law or by some other agreement. The party may not use this as consideration in a new contract.
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