- 1. the promisee suffers a legal detriment by giving up something of value or some legal right
- - does NOT include preexisting duties!
(ex: waiving your rights to pursue a lawsuit when you have been injured, or the promise of someone refraining to smoke, drink or gamble untile 21 for $5,000)
- 2. The promisor makes his promise as part of a bargained for exchange- distinguishes contracts from gifts
- - a performance or return promise is "bargained for " ONLY if it was exchanged for another promise.
- - NOT considered (and NOT SUFFICIENT) to meet the bargain for exchange requirement is when a promise is made in return for a detriment previously made by the promisee, aka past consideration
ex: after a contract is signed, one person offers to send over a bottle of brandy and the other accpets, this is considered a gift, it lacks consideration.