Consideration

Question 1

Elements of consideration

Answer 1

1) a bargained for exchange between the parties
2) of anything of legal value

Question 2

Does it matter if you would have/would not have done it but for the agreement?

Answer 2

No.

Question 3

Past consideration Rule

Answer 3

Is not consideration. A promise for something already done doesn’t satisfy consideration.

Question 4

Adequacy of consideration

Answer 4

Doesn’t matter. Courts don’t care or inquire.

Question 5

Contract modifcation under common law

Answer 5

Preexisting duty rule: Any contract modification needs consideration or an exception

Question 6

Common law contract modification and unancticipated change in circumstances

Answer 6

If modification is fair and equitable in light of new unanticipated circumstances, it is enforcable

Question 7

Third party exception to preexisting duty rule

Answer 7

SOmeone else can come in and offer to pay you additional money to do the service you’re already contracted to do

Duty is only owed to first party.

Question 8

COntract modification under UCC

Answer 8

No consideration needed to modify sale of goods K. Just good faith needed. Can’t just extort a buyer.

Question 9

Consideration re: Partial payment of a debt that is due and undisputed

Answer 9

No consideration. Not enforcable. Can’t forgive debt in exchange for partial payment.

Question 10

Promissory Estoppel

Answer 10

Exception to consideartion. Can make promise lacking consideration enforcable.

Elements:
1) Promise
2) reasonable Forseeable detremental reliance
3) justice requires enforcment of promise

CANNOT BE USED IF THERE IS CONSIDERATION

Question 11

Contracts to provide everything I need/sell everything I have

Answer 11

Generally okay. But not just “everything I desire.”