As a Requirement of a Valid Contract ____________________ and ____________________

question 48

Short Answer

As a requirement of a valid contract ____________________ and ____________________ requires that one party makes an offer to another party.

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Definitions:

Real Defense

In negotiable-instruments law, any defense that can be used against everyone, including holders in due course. Also called absolute defense and universal defense.

Duress

An action by one party that forces another party to do what need not be done otherwise.

Personal Defense

In negotiable-instruments law, a defense that can be used against a holder but not against a holder in due course of a negotiable instrument. Also called limited defense.

Payment

The transfer of money or goods from one person or entity to another in exchange for goods, services, or to fulfill a legal obligation.