Consideration

Question 1

Two elements necessary to constitute consideration:

Answer 1

(1) a bargained-for exchange between the parties; and
(2) legal value (constitutes a benefit to the promisor or a detriment to the promisee.

Question 2

does past or moral consideration work?

Answer 2

No, promise given in exchange for something already done does not satisfy the bargain requirement.

Question 3

is a preexisting legal duty consideration?

Answer 3

No, performining or promising to perform an existing legal duty is insufficient.

Question 4

do you need new consideration to modify a K?

Answer 4

Yes, under general contract law cannot be modified unless the modification is supported by new consideration.

Question 5

Is consideration necessary to modify under UCC?

Answer 5

No, just need good faith promises of new and different terms.

Question 6

A promise is enforceable if necessary to prevent injustice if:

Answer 6

(a) the promisor should reasonably expect to induct action or forbearance, and
(b) such action or forbearance is in fact induced.