Consideration

Question 1

Consideration

Answer 1

1. Bargained-for exchange between the parties
2. That which is bargained for must be considered of legal value or it must constitute a benefit to the promisor or a detriment to the promisee

Question 2

Bargained-for Exchange

Answer 2

Promise must induce the detriment and the detriment induce the promise

Detriment must be the price of the exchange, and not merely fulfillment of certain conditions for making the gift

Whether the act or forbearance by the promisee would be of any benefit to the promisor

Question 3

General Past or Moral Consideration

Answer 3

If something was already given or performed before the promise was made, it will not satisfy the “bargain” requirement