Rules for what is considered Consideration
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Illusory Promise
A situation in which a party appears to commit to something but really has not committed to anything. It is not a promise and thus not consideration.
Pre-existing duty rule
Promise to do something you are already legally obligated to do is not valid consideration
Past Consideration
something that has been performed in the past and which, therefore, cannot be consideration for a promise made in the present
Rarely considers the adequacy of consideration
the court rarely considers for a lawful agreement to be made, the offeree must give a price that is an equal measure to the value given by the offeror
Consideration
what a person will receive in return for performing a contract obligation
