D. Consideration

Question 1

What is required for modification/discharge of obligation despite lack of new consideration?*

Answer 1

Pre-existing rule;

1) In writing
2) Signed by party to be bound

Question 2

What is required for enforcing promise based on past/moral consideration?*

Answer 2

1) In writing
2) Signed by party to be bound
3) Valid consideration but for time when given/performed

Question 3

What is required for enforcing assignment despite lack of consideration?*

Answer 3

1) In writing

2) Signed by Assignor

Question 4

What is required for enforcing irrevocable offers despite lack of consideration?*

Answer 4

1) In writing
2) Signed by Offeror

3) Stated as ‘Irrevocable’ promise
- During stated period of time
- During reasonable time

Question 5

What is required for enforcing option contracts despite lack of consideration?*

Answer 5

1) In writing

2) Signed by Offeror/Agent
- For identified period of time