Consideration Review - Consideration Assuming you have...

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Consideration Assuming you have mutual assent, then you need consideration to make it enforceable Explicitly bargained for benefit of P/or, or detriment to the P/ee Must have value which the law recognizes Forbearance of a right, has value Conjuring, no value Love and affection, no value Venerating someone’s memory, no Performing the obvious, no Nominal Illusory: Have you restricted your future course of action? If you have not, then it is illusory and has no value If you have, then it is not illusory, and has value. 2-306: exclusive dealing K, and requirement K Exclusive dealing: You have the obligation to promote and do your best effort, so it has value Requirement: has good faith, and uses obligation words. Past Consideration: May not be consideration because it was not bargained for, because act comes before the promise Pre-Existing Duty: No value to something you are already obligated to do
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