Examlex
Which one of the following statements is not correct?
Consideration
The value (such as money, a service, or a promise) that is exchanged between parties in a contract.
Doctrine of Promissory Estoppel
A legal principle that prevents a promisor from retracting a promise that the promisee has relied upon, resulting in a significant change of position.
Disputed Debt
A disagreement between a creditor and a debtor over the existence, amount, or terms of repayment of a debt.
Mutual Assent
refers to the agreement between parties in a contract, shown by a valid offer and acceptance, which is required for a contract to be enforceable.
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