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.
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.
Answer 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 primary function of consideration in contract law?
Go over the full study guide for Understanding Consideration in Contract Law.
Read the study guide →Upload your class notes and Revizly writes your flashcards in about a minute.
Flashcard maker