Logan Cooper BLAW 3201-10 Chapter 12 S TUDY Q UESTIONS 1) What is consideration? The value given in exchange for a promise i) What are the elements of consideration? a. something of legally significant value must be given in exchange for the promise b. usually there must be a bargained for exchange 2) What is “adequacy of consideration”? It is how much is given and whether it is a fair bargain. 3) Can a preexisting duty satisfy the requirements of consideration? No, if someone already has a duty to do something its performance does not bring value to another agreement. The text used the example that the sheriff may not receive an award from crime stoppers for information leading to the arrest of a criminal. 4) What are some of the exceptions to the preexisting duty rule? Unforseen difficulties, or when the parties agree to cancel their old contract and make a new one. 5) What is an illusory promise? A promise made without consideration, which renders the promise unenforceable.
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