What is Consideration Element of Contracts - Contract Law

The video tutorial explains the concept of consideration in contracts, emphasizing that it involves a bargained-for exchange of value. It provides examples to illustrate how consideration works and discusses rules and exceptions, such as prior consideration and merchant exceptions under the Uniform Commercial Code (UCC). The tutorial highlights that consideration doesn't always have to be traditional value and can include foregoing a right. It also covers specific scenarios like non-compete clauses and firm offers by merchants.

What is meant by 'consideration' in the context of a contract?

Describe an example of consideration that is not traditionally thought of as value.

What are the exceptions to the rule that prior consideration is not sufficient?

How does the Uniform Commercial Code (UCC) treat firm offers made by merchants?

Can a promise be enforceable without consideration? Explain your answer.