Consideration: The Basics | Bargained for Exchange | Legal Value

Greetings fellow law nerds!
This second contracts lecture introduces the doctrine of consideration. Consideration is one of the three elements needed for the formation of contract: (1) offer, (2) acceptance, and (3) consideration.
In the context of contract law, consideration is NOT about mental analysis or high regard. Rather, it refers to the "payment" made in return for a promisor's promise. It will typically be a return promise or return performance. It tells us that the promisor made her promise as part of a trade or deal, such that we would say the promise is contractual or that it is supported by consideration.
Chapter
00:00 - Introduction
00:11 - Review of Promises - Contractual vs Gratuitous
09:01 - Chart Showing Path from Promise to Legally Enforceable Contract
10:11 - Consideration Rules
11:22 - Consideration Needed on Both Sides of Contract
12:16 - Bargained for Exchange Needed
12:29 - Consideration Chart, Showing Elements
16:12 - Two Types of Detriments
24:38 - Things Being Exchanged Must Be of Legal Value
29:00 - Rehash of Chart Showing Path from Promise to Legally Enforceable Contract
30:46 - Thanks for Watching / Please Like and Subscribe
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[@reneehouser2925]

Extremely helpful and useful video! Excellent content 👏👏👏👏👏 thank you!

[@Otis-Tank]

Back in today after finishing the NI playlist. Great info. Explained perfectly.