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Types of Consideration

CONSIDERATION MUST MOVE FROM THE PROMISEE
CONSIDERATION MUST MOVE FROM THE PROMISEE

Brief animation on basic rules of contract - Past Consideration + Consideration must move from the Promisee-- Created using PowToon -- Free sign up at …

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CONSIDERATION MUST NOT BE PAST
CONSIDERATION MUST NOT BE PAST

Consideration must be something promised for the present agreement. Therefore, an act taken or money paid in the past does not constitute consideration for the present agreement. Typically, the courts will not permit past consideration for a current transaction and will void an agreement if past consideration was utilized for the contract formation.

source: study.com
EXECUTORY CONSIDERATION
EXECUTORY CONSIDERATION

Definition of executory consideration: Something given or accepted in return for a promise, where the promised act remains to be performed on a future date. See also executed consideration.

EXISTING CONTRACTUAL DUTY
EXISTING CONTRACTUAL DUTY

Existing duty is a promisee that already bound to perform an existing duty. Beyond the existing duty that which they are already contracted is consideration. In the orthodox view, performance of an existing duty does not constitute consideration for the new promise.

EXISTING PUBLIC DUTY
EXISTING PUBLIC DUTY

Performance of an existing duty is cannot constitute a consideration According to the law, performance of an existing duty is cannot constitute a consideration. Now seems that the performance of an existing duty may constitute consideration for a new promise, in the circumstances where no duress or fraud is found and where the practical benefits are to the promisor.

FOREBEARANCE TO SUE
FOREBEARANCE TO SUE

Maryland Law Review Volume 17|Issue 3 Article 7 Forbearance to Sue on an Invalid Claim as Consideration for a Contract - Fiege v. Boehm J. M. Roulhac

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