Examlex
Instructions: Identify the following terms.
"rural responsibility system"
Valid Consideration
An essential element of a contract, which constitutes something of value exchanged between the contracting parties.
Forbearance
Forbearance is the action of refraining from enforcing a right, obligation, or debt in a legal agreement, usually as an act of leniency by the creditor.
Sufficient Consideration
A legal concept indicating that the value exchanged in a contract is recognized as adequate, making the contract binding and enforceable.
Illusory Promise
A situation in which a party appears to commit to something but really has not committed to anything. It is not a promise and thus not consideration.
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