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Legally Sufficient Consideration
In contract law, it refers to something of value that is exchanged between the parties, supporting a binding agreement.
Forbearance
The act of refraining from exercising a legal right; an agreement between a lender and a borrower in which the lender agrees to temporarily cease requiring mortgage payments, to delay foreclosure, or to accept smaller payments than previously scheduled.
Discount
A reduction from the usual cost of something, often applied to encourage buyers.
Preexisting Duty
An obligation that one is already legally bound to perform, which cannot serve as consideration for a new contract.
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