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Consideration Chapter Introduction 12-1 Elements of Consideration 12-1a Legal Value 12-1b Bargained-for Exchange 12-2 Adequacy of Consideration 12-2a Courts Typically Will Not Consider Adequacy 12-2b Evidence of Grossly Inadequate Consideration 12-3 Agreements That Lack Consideration 12-3a Preexisting Duty 12-3b Past Consideration 12-3c Illusory Promises 12-4 Settlement of Claims 12-4a Accord and Satisfaction 12-4b Release 12-4c Covenant Not to Sue 12-5 Exceptions to the Consideration Requirement 12-5a Promissory Estoppel 12-5b Promises to Pay Debts Barred by a Statute of Limitations 12-5c Charitable Subscriptions Chapter Recap Page 1 of 19 Print Chapter 2010-8-30 ... Chapter Introduction The fact that a promise has been made does not mean the promise can or will be enforced. Under Roman law, a promise was not enforceable without some sort of causa that is, a reason for making the promise that was also deemed to be a sufficient reason for enforcing it. Under the common law, a primary basis for the enforcement of promises is consideration. Consideration is usually defined as the value (such as cash) given in return for a promise (such as the promise to sell a stamp collection on receipt of payment) or in return for a performance. Page 2 of 19 Print Chapter 2010-8-30 ... 12-1 12-1a Elements of Consideration Ask the Instructor Video: Agreement and Consideration: What is consideration? Legal Value Case 12.1: Hamer v. Sidway Court of Appeals of New York, Second Division, 1891. 124 N.Y. 538, 27 N.E. 256. Often, consideration is broken down into two parts: (1) something of legally sufficient value must be given in exchange for the promise; and (2) usually, there must be a bargained-for exchange. ... View Full Document

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