CONSIDERATION

Question 1

Consideration

Answer 1

Requires bargained-for exchange of legal detriment between parties.
Substitutes for consideration:
1) Written promise when prior obligation had applicable legal defense
2) Promissory estoppel.

Question 2

Past Consideration

Answer 2

Not considered consideration, except expressly requested performance/forbearance and expectation of payment.
New consideration required for pre-existing K or statutory duty: except in CL, unforeseen difficulty, third party promise or promise to pay debt barred by SoL.