Exceptions to the Rule of Present Consideration in Contract Law

The video tutorial discusses the concept of consideration in contracts, highlighting that it is generally required for enforceability. It introduces option contracts, which allow a party to purchase an asset at a set price within a specific timeframe, and explains that these can be enforceable even without consideration. The tutorial also covers firm offers, particularly in the context of merchants under the Uniform Commercial Code (UCC), where an offer can remain open for a specified period without consideration and still be legally binding.

How does the absence of consideration affect the enforceability of certain contracts?

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What are the notable exceptions to the requirement of present consideration in contracts?

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