Consideration

Question 1

Consideration is a _____ exchange, and must involve both a ____ and a ____.

Answer 1

Bargained for; benefit to the promisor; detriment to the promisee

Question 2

Promise given for something already done— consideration?

Answer 2

No

Question 3

Do courts inquire into adequacy or fairness of consideration?

Answer 3

No, unless it’s entirely devoid of value or sham consideration

Question 4

Where there is a preexisting legal duty, you need new ____ to modify a common law contract.

Answer 4

Consideration

Question 5

When a performer demands additional payment and offeror agrees, is offeror bound?

Answer 5

No, not if there’s additional consideration. Unless there’s a third party coming in, an unforeseen circumstance, an honest dispute as to the duty…

Question 6

Are good faith modifications under the UCC valid?

Answer 6

Yes, and court won’t inquire into reasons (unless bad faith)

Question 7

Debt can be discharged through an accord but generally must be ____.

Answer 7

Supported by consideration

Question 8

Promissory estoppel elements: 3

Answer 8

Promisor should reasonably expect to produce detrimental reliance, and

That detrimental reliance is actually induced

Justice so requires enforceability