Flashcard: Understanding Consideration in Contract Law — 10 carte

Consideration — definition?

Exchange of benefit or detriment with legal value

Consideration — definition?

Something of value exchanged for enforceability.

Consideration types — example?

Executed or executory consideration

Legal Value — requirement?

Must have legal benefit or detriment; adequacy irrelevant.

Past consideration — validity?

Generally invalid unless exceptions apply

Executory vs Executed — difference?

Executory: to be done later; Executed: completed.

Past Consideration — validity?

Generally invalid unless exceptions apply.

Existing Duty — valid consideration?

No, unless performance exceeds obligation.

Part Payment of Debt — validity?

Usually not valid, with exceptions.

Promissory Estoppel — role?

Prevents strict enforcement based on a clear promise.