ACCORD AND SATISFACTION – An agreement to pay less than the full debt or to accept late
payment that has been completed by payment and a full release.
DURESS – Unlawful pressure on a person to do what he or she would not have otherwise done.
ESTOPPEL – Being stopped by your own prior acts from claiming a right against a person who
has legitimately relied on those acts.
FAILURE OF CONSIDERATION – The situation that exists when something that is offered as
part of a contract becomes worthless or ceases to exist before the contract is carried out.
FRAUD – Any kind of trickery used to cheat another.
PAYMENT – having fulfilled monetary obligations.
RELEASE – to give up or relinquish a claim or right to the person against whom it might have
STATUTE OF FRAUDS – laws that require many types of contracts to be in writing to be
WAIVER – the intentional relinquishment of a known right.
ASSUMPTION OF THE RISK- knowingly and willingly exposing yourself to the possibility of
CONTRIBUTORY NEGLIGENCE – negligent or careless conduct by a person who was
INJURY BY FELLOW SERVANT – harm or injury caused by a co-employee.
LICENSE – permission
ARBITRATION AND AWARD – resolution by arbitration resulting in award (award is the
DISCHARGE IN BANKRUPTCY – releasing a person from his debts through a bankruptcy
LACHES – delay of such extraordinary length in pursuing a claim that the individual against
whom the claim is brought is prejudiced.
RESJUDICATA – a matter previously decided by judgment.
STATUTE OF LIMITATIONS – a law that sets a maximum amount of time after something
happens for it to be taken to court.