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Accord And Satisfaction
A legal contract where a dispute is settled by the parties involved agreeing to give and accept something of value in resolution, significantly altering the original contract's terms.
Unilateral Contract
A contract in which one party promises to perform a specific action in return for a performance, not a promise, by the other party.
Consideration
Consideration in contract law refers to something of value exchanged between parties as part of an agreement.
Illusory Promise
A statement that appears to be a promise but does not actually bind the party to any obligation, making it unenforceable as a contract.
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