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Contract law

There are many exceptions to this rule:

 Alternative consideration. If the debtor offers some alternate type of
consideration and the creditor freely accepts this it can be valid consideration.

 Bargain between creditors. When a group of creditors jointly agree to part
payment in lieu of the full debt all creditors are bound to the specified terms.

 Payment by third party. If the payment is made by another party this can be
good consideration.

 The doctrine of promissory estoppel (see below).

Promissory estoppel

The doctrine of promissory estoppel is based on the principles of fairness and justice.
It prevents a person going back on his promise to accept a lesser amount.

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