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What are the 2 parts of consideration?
- legal value
- bargain for exchange
What does legal value mean in regards to consideration?
promisee gives up a right or agrees to do sth he/she has no prior legal duty to do
What does bargain for exchange in regards to consideration mean?
motive of the agreement
What serves as consideration in most bilateral contracts?
each promise serves as consideration for the other
What serves as consideration in most unilateral contracts?
the performance of the requested act serves as consideration for the promise
If a promise is not supported by consideration,...
... the promise is not legally enforceable under contract law.
What is the promissory estoppel?
promisee reasonably relied on promise and if the reliance was substantial, then justice requires enforcing the promis even though it is not a contractual promise
Under UCC, if both parties agree on a contract change, ...
... no new consideration is required as long as both act in good faith.
When does the consideration requirement not need to be satisfied under modern contract law?
when the promissory estoppel applies
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