Examlex
Which of the following statements about copyrights is incorrect?
Accord And Satisfaction
An arrangement between contracting parties whereby one of the parties substitutes a different performance for his or her original duty under the contract. The promise to perform the new duty is the accord, and the actual performance of that new duty is the satisfaction.
Liquidated Debt
Debt for which there is no dispute between the parties about the fact that money is owed and the amount of money owed.
Valid Consideration
Something of value (cash, services, goods, etc.) that is exchanged between parties in a contract, making the contract legally binding.
Preexisting Duty Rule
in contract law, states that an agreement to perform an act already legally obligated to is not sufficient consideration for a new promise.
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