Ways in Which Parties are Discharged from Obligations under a Contract

The video tutorial discusses the concept of consideration in contracts, highlighting exceptions where consideration is not required. It covers equitable remedies like promissory estoppel, where one party relies on another's promise. The tutorial also explains situations involving pre-existing debts and voidable agreements, where reaffirmation can enforce a contract. Lastly, it addresses exceptions under the UCC for merchants, including contract modifications and firm offers, which can be enforceable without new consideration.

How does the concept of 'reasonable reliance' affect the enforceability of a contract?

Describe the significance of a 'firm offer' in the context of UCC.