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Liquidated Debt
A debt for which the exact monetary value has been determined and acknowledged by both the debtor and the creditor.
Accord and Satisfaction
A legal settlement where a disputing party agrees to accept a payment or performance that is different from what was originally owed or expected, thereby settling the claim.
Preexisting Duty
An obligation that one party already legally owes to another under a contract, which cannot serve as consideration for a new contract.
Illusory Consideration
A promise or apparent agreement that lacks the actual commitment or substance to be legally enforceable as consideration in a contract.
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