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Defenses to a contract.
The book states consideration is a value given in return for a promise or performance. The consideration, which must be present to make the contract, legally binding, must be something of legally sufficient value and bargained for. It's a bilateral contract it normally consists of a promise in return for a promise.
Example: Lets say your mother asks you to mow her lawn and clean her house and when you complete these task she will then pay you $75 for the deed.
Situation involving "past consideration", pre-existing legal duty, forbearance to sue, and moral obligation.
- Defenses to a contract.
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