Contract Law: Consideration - Exam Revision Sheet
1. Under what circumstances can promissory estoppel be used to prevent the enforcement of a contractual right?
2. What is the primary function of consideration in contract law?
3. Which of the following is generally true regarding past consideration?
Consideration — definition?
Exchange of benefit or detriment with legal value
Consideration types — example?
Executed or executory consideration
Past consideration — validity?
Generally invalid unless exceptions apply
Consideration — definition?
Something of value exchanged for enforceability.
Legal Value — requirement?
Must have legal benefit or detriment; adequacy irrelevant.
Executory vs Executed — difference?
Executory: to be done later; Executed: completed.
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