Understanding Contract Law: Consideration Essentials

What is a necessary element alongside consideration in a valid contract?

• An offer and acceptance

• A written document

• A public notary signature

• A witness present during agreement

What type of consideration involves a future promise?

• Executed consideration

• Past consideration

• Implicit consideration

• Executory consideration

What is not a type of consideration discussed in the session?

• Past consideration

• Executory consideration

• Executed consideration

• Future consideration

What is true about executory consideration?

• It involves actions already performed

• It is always linked with monetary exchanges

• It is based on future commitments

• It cannot be legally enforced

What is a key aspect of executory consideration?

• It must involve tangible goods

• It is not legally binding

• It involves a promise to perform acts in the future

• It is based on past actions

Which case is associated with the enforcement of past consideration?

• Tweddle v. Atkinson

• Dunlop v. Selfridge

• Lampley v. Braithwaite

• Pawan v. Lau Yiu Long

Which case involved a dispute over a promise made after services were rendered?

• Re McArdle

• Dunlop v. Selfridge

• Lampley v. Braithwaite

• Pawan v. Lau Yiu Long

Which statement best describes past consideration?

• It requires a written agreement

• It involves future actions

• It is always enforceable

• It is consideration provided before a promise

Which case highlighted the enforceability of a promise despite past consideration?

• Re McArdle

• Lampley v. Braithwaite

• Pawan v. Lau Yiu Long

• Tweddle v. Atkinson

What must consideration do to be enforceable?

• Be documented in writing

• Move from the promisee

• Be acknowledged by a third party

• Involve a monetary exchange