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.
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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?
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