Consideration

Consideration is a [..1..] in which something of [..2..] is exchanged.

bargain, legal value

An offer to make a [...] generally isn't enforceable, even if it includes a promise

gift offer

The promisee must, in exchange, give the promisor the [..1..] the promisor asked for OR incur the [..2..] that the promisor asked for

benefit, detriment

A [...] is when a person does or agrees to do something they were not already obligated to do

detriment

Consideration does not have to have [..1..] value

monetary

Consideration must exist on […] sides of an agreement.

both

[..1..] is when the benefit or detriment consists of not doing something you had a right to do

Forbearance

T/F: An agreement to refrain from acting can constitute legal value and serve as consideration.

T

In a unilateral contract, the [..1..] performed by the offeree serves as the consideration to make the offeror's promise [..2..]

action, enforceable

A promise to do something that one is already legally [...] to do or not do is NOT consideration

obligated

A promise to pay additional compensation for the performance of a pre-existing duty is unenforceable UNLESS […] consideration is provided.

new or different

[..1..] consideration is no consideration: Something done [..2.. the bargain is made cannot serve as consideration because it was not bargained for in exchange for the promise

Past, before

Consideration cannot be a […]

sham

Consideration need not be […] in value to the consideration on the other side of the contract.

equivalent

Elements of Promissory Estoppel—if all are met, the promisee's reliance will substitute for consideration.

1. someone makes a [..1..,

2. no [..2.. is given in return,

3. the promisor knows the promisee is likely to rely on the promise to their [..3..], AND

4. the promisee does in fact [..4..] on the promise.

promise, consideration, detriment, rely

Remedy for Promissory Estoppel: Many courts will enforce the promise only to the extent of the […] the promisee incurred (what they lost because they relied on the promise).

detriment

The normal remedy for breach of contract is enough money to put the non-breaching party in the position they would have been in if the contract had been […]

performed

You can think of a modification (at least in common law contracts) as a [..1..] itself. It must be supported by [..2..]

contract, consideration

If:

• a contractor and a carpenter agree on a price for a $1,000 cabinet,

• the carpenter completes the work,

• the contractor then says he'll only pay $800, and

• the carpenter agrees

is the carpenter’s agreement to accept less money unenforceable, even though the carpenter didn't receive anything in exchange for the price modification? (Y/N)

N

(Y/N): If a contract modification states that one party agrees to work an extra year in return for the other party’s promise to pay extra money, does this qualify as additional consideration?

Y