Consideration

Question 1

Bargain for exchange

Answer 1

Promise that induce the determine and determinant induce promise.

• Asked for by the promisor in exchange for the promise.

Question 2

No Consideration Needed

Promissory Estoppel

Answer 2

1) Promise
2) Reliance that is reasonable detrimental, and foreseeable
3) Enforcement necessary to avoid injustice.

Question 3

Consideration

Legal Detriment

Answer 3

IT must constitute a benefit to promisor, or determine to the promisee.

Question 4

Adequacy of Consideration

Past Consideration

Answer 4

Generally not consideration

Exception:

1) SOL <—- Saves her and payment for saving her.
2) Emergency

Question 5

PreExiting Duty Rule

Common Law Exception
Modification

Answer 5

New consideration is needed for contract modification:

Exception:
1) Addition to or change performance

2) Unforeseen difficulty so sever as to excuse performance.
3) Third party promise to party

Question 6

Consideration

Answer 6

Is a bargain for exchange of a legal detriment

• Valuable consideration on each side of the bargain will make an executory bilateral contract full enforced from the moment of formation.

Question 7

Exception Common Law Modification

Unforeseen Circumstances

Consideration

Answer 7

Mere unforeseen difficulty in performance is not substitute for consideration

But if unforeseen difficulty rises to a level of impracticability, such that a duty to perform would be discharged, most states will held that the unforeseen difficult is an excepting to preexisting legal duty.

Question 8

Consideration

Legal Detriment to the Promisee

Answer 8

Will result if the promisee does something he is under no legal obligation to do or refrains from doing something that he has a legal right to do.