consideration

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Last updated 4:28 PM on 4/7/26
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5 Terms

1
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What is consideration in contract law?

Legal value given in exchange for a promise.

2
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Is giving someone $10 “because you are my friend” consideration?

No, it is not consideration because there is no exchange of value.

3
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What are gratuitous promises?

Promises made without consideration.

4
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Are gratuitous promises legally binding?

No, gratuitous promises are not binding.

5
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What must be true about consideration to be valid?

Consideration must be legal.