Business Law: Consideration

The video tutorial explains the concept of consideration in contracts, highlighting its importance in forming valid agreements. It covers legal detriment and the Peppercorn theory as ways to determine consideration. The tutorial also discusses agreements that lack consideration, such as promised gifts, pre-existing duties, and past consideration, using examples and a case study involving a comedy troupe to illustrate these concepts.

What is a promised gift and why is it considered unenforceable?

How does pre-existing duty affect the enforceability of a contract?

What is past consideration and why is it not valid in contract law?