1. Please define Consideration. What are the two elements of Consideration? Explain what these two elements mean.
2. Typically, a promise to do something that you already have a duty to do is not considered legally sufficient consideration. What are two exceptions to this rule that are discussed in the textbook? Do you agree with these exceptions? Why or why not?
3. What are 3 types of agreements that lack consideration (See Exhibit 13-2)? Explain what each means.
4. Define an illusory promise, and then provide an example of an illusory promise.
5. What is the difference between a liquidated debt and an unliquidated debt?
6. Define accord and satisfaction. Explain how this is different from the concept of past consideration.
7. Generally, only promises that are supported by consideration are enforceable. There are three exceptions to this rule that are discussed in our textbook. Please list them and explain what each means.
8. Explain the rationale behind Promissory Estoppel and list the 5 requirements that must be met so that the courts will enforce a promise even though there is no consideration. Can you identify an example of a situation where these 5 requirements might be met and a promise will be enforced without consideration? If so, give an example.