Consideration

Question 0

Consideration

Answer 0

A promise to exchange something of value
1. Return promise to do something
2. Return promise to refrain from doing something,
3. Actually doing something,
4. Actually refraining from doing something.
There is a K as long as there is either a benefit or a detriment to at least one party. (Fl rule)
* moral consideration not sufficient.

Question 1

Bargain

Answer 1

An exchange which could be beneficial or detrimental.

Question 2

Insufficient consideration

Answer 2

Promise not supported by consideration or the consideration is legally insufficient.

Question 4

Failure of consideration

Answer 4

Claim that party has not performed in accordance with his promise.

Question 5

Adequacy of consideration

Answer 5

Value of consideration irrelevant. Not need to be fair balance to pass consideration test.

Question 6

Promissory estoppel

Answer 6

Promise reasonably relies to her detriment on a gratuitous promise

1. Promise,
2. Foreseeable reliance,
3. Actual reliance,
4. Injustice without enforcing the promise.
   * can be used even when s/f not satisfied.

Question 7

Illusory promise

Answer 7

When the discretion to perform is left with the performing party.
Fails consideration

Question 8

Pre-existing duty rule

Answer 8

There is no consideration if one party’s promise is already his duty.

Question 9

UCC consideration

Answer 9

Agreement for sale of goods can be modified without additional consideration.