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.
Test your knowledge with 10 questions on Understanding Consideration in Contract Law.
1. Under what circumstances can promissory estoppel be used to prevent the enforcement of a contractual right?
2. What is the fundamental requirement for consideration to be valid in contract law according to the revision sheet?
Review the complete course in the revision sheet for Understanding Consideration in Contract Law.
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