Concepts:
Quid pro quo - This or that
Bargained-For Exchange - Agreeing with another party to swap something such as
services and items.
Unenforceable Gift Promises - “Gratuitous Transfers”; Promises of gifts are
unenforceable as they have a lack of consideration.
Terms:
Insolvency - When an individual cannot repay his/her debt.
Collateral - Something that has been promised as repayment for a debt.
Cross-Claim - Claim brought against a coparty.
Erroneously - Mistake; Incorrect