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6. What is the 'satisfaction'?
- The consideration which makes the new agreement operative
- The agreement between the parties that one shall be released from his obligation
7. A promise to release someone from payment of all or part of a debt is not enforceable when it is made for nothing
8. Which case illustrates this point?
- D & C Builders -v- Rees
- Bolton -v- Mahadeva
- Bettini -v- Gye
- Planche -v- Colburn
9. A party can choose to "waive" his contractual rights in enforcing the contract
10. In such a case, will consideration be required?
- No, the party's promise not to enforce his legal rights is sufficient "consideration"
- Yes, this is an agreement which is made and is still subject to requirements for forming a valid contract