Consideration

Front 1

Consideration

Back 1

A bargain for exchange of legal value

Front 2

Bargains:

Back 2

promise for promise exchange.

Promise for performance (act/forbearance) exchange

Front 3

No bargain/consideration if

Back 3

1) gift
2) past consideration
3) illusory promise (empty promise)/ watch for: satisfaction clauses. Output/requirement contracts. Exclusive agency contracts.
4) Modification: must have separate consideration to be binding

Front 4

Pre existing legal duty rule

Back 4

no consideration given if a party attempts to bargain for more money to do something she already has a legal obligation to do.

Exception: new or different consideration offered./ honest dispute over duty/ unforeseen circumstances encountered

Front 5

Legal value element

Back 5

adequacy of consideration (court will not inquire) v. nominal consideration (dollar for a mortgage, most likely construed as a gift)

Front 6

Substitution for consideration, must ask "if there's no consideration, is there an alternative ground to enforce the promise?"/ Promissory estoppel or detrimental reliance

Back 6

Elements: 1) Promise. 2) promisor should reasonably expect promise to induce action or forbearance. 3) action or forbearance is induced in fact. 4) Justice requires enforcement

Front 7

Substitution for consideration, must ask "if there's no consideration, is there an alternative ground to enforce the promise?"/ Modification under the UCC

Back 7

1) requires only good faith, no consideration (sale of goods setting).

Front 8

Substitution for consideration, must ask "if there's no consideration, is there an alternative ground to enforce the promise?"/ Promises to pay legal obligation barred by law

Back 8

New promise enforceable if in writing or part performance

Front 9

Restitution claim

Back 9

Back to where you were before.