How to Analyze Consideration on a Contracts Essay ("The Bargained-For Exchange")

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🎬 VIDEO INFO
How to Analyze Consideration on a Contracts Essay ("The Bargained-For Exchange")
CONTRACT FORMATION
A traditional, enforceable contract is formed when there is: (1) mutual assent between the parties (offer + acceptance); and (2) consideration.
CONSIDERATION
In most jurisdictions, an agreement is supported by consideration when: (1) there is a bargained-for exchange between the parties; and (2) the exchange establishes a legal detriment to the promisee.
A minority of courts hold that a legal detriment to the promisee OR a benefit to the promisor is sufficient if there is a bargained-for exchange. However, most courts only focus on whether the promisee incurred a legal detriment, irrespective of a benefit to the promisor.
THE BARGAINED-FOR EXCHANGE
A bargained-for exchange requires reciprocal inducement - that the promise induces the promisee to incur his legal detriment and that the legal detriment induces the promisor to make his promise.
LEGAL DETRIMENT
A legal detriment generally consists of: (1) promising to do something the party has no prior legal duty to do; (2) performing an action that the party is not otherwise obligated to undertake; or (3) refraining from exercising a legal right which the party is otherwise entitled to exercise.
Promising not to sue (settlement of a legal claim) will act as a legal detriment so long as the party promising not to sue has an honest and good faith belief in the validity of the claim.
EXAMPLES OF INVALID CONSIDERATION
Gift promises and conditional gifts are NOT consideration (e.g., A promises to give B his truck if B will pick the truck up from A's house. A's promise to give B his truck is not induced by B coming to pick the truck up. Thus, A is not bargaining for B to come. This is a conditional gift, not bargained-for consideration.).
Past consideration is NOT consideration (e.g., A's truck catches fire as A is demonstrating the truck’s safety features. B rushes over and extinguishes the flames saving A's life. Grateful, A promises to pay B $100 for the rescue. This is past consideration, not bargained-for consideration.).
A pretense of consideration or nominal consideration is NOT consideration (e.g., A and B are cousins. A wishes to give B his truck that is valued at $10,000 as a gift for B's birthday. Attempting to form an enforceable contract, A "sells" B his truck for $1 to meet the consideration requirement. This is a pretense of consideration, not bargained-for consideration.).
An illusory promise is NOT consideration. An illusory promise occurs when the promisor fails to clearly commit to the deal (e.g., A promises to buy B's truck if “he feels like it.” This is an illusory promise, not bargained-for consideration.).
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[@arijohn8413]

Wow my Contracts final is Monday and I promise you this and the other videos have taught me more than my professors

[@MrCharlesHickman]

This video did more for me than 3 hours of Themis. Very light, clear and understandable.

[@studicata]

Awesome, happy to help!

[@lizross1957]

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[@FinkelsteinPalestine]

Maaaaannn, your videos are so good. You repeat some of the material a few times and that saves me from having to rewind. I am watching your vids to prepare for an upcoming essay quiz and this is soooo helpful. Thank you, professor!

[@KhadijahMichelle]

Thank so much , as a 1L you just made my understanding a concept I had to reread several times to having it click within minutes ..

[@khachakw]

Thank you so much for taking the time to explain all this to us for free. It has helped me immensely! You remind me of Sal Khan, so altruistic.

[@studicata]

No problem, happy to help! 👍

[@michellehughes3283]

So glad I found you. My course sounds and reads like stereo instructions. You brought this to life for me, and it finally makes sense.

[@emilygellatly1483]

I’m so happy I found your videos! They’ve helped me so much more than actual class

[@studicata]

Awesome, happy to help!

[@willu842]

Bro you should be a professor

[@talliesengwong8383]

I love that my professor puts these to watch as assignments with our chapters. He is so easy to get and keeps my attention. Love it.....

[@studicata]

Thanks for tuning in! Your professor sounds super smart!

[@cascam1]

Past consideration 2 exceptions: (1) new promise to pay a past debt that is now barred (i.e., SOL has run) can provide valid consideration if it is made in writing or partially performed, and (2) new promise to pay for benefits previously received at the promisor's request, or in an emergency can be binding without consideration.

[@janetwilliams8689]

Love these videos. Very helpful & thoroughly explains the concepts.

[@studicata]

Thank you!

[@JPOIII1985]

Great video! Thanks for sharing.

[@studicata]

Thank you!

[@robertoescaler7697]

This was an awesome video. I wish my K Prof made it this easy!

[@pcy0825]

It was really helpful...Thank you for that

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[@TheDeodatp]

Great job

[@brennanbanks6713]

This guy is a STUD

[@caitlin-callieferraro6212]

Thank you!

[@kamauwilliamk]

Helpful

[@dangard88]

The 5P rule: Promissor's Promise Promotes Promisee's Promise

[@anaamadi]

After watching the offer and acceptance video, how would you analyze the consideration in the essay. For example, after we find that there is an acceptance, do we state there is also consideration, which creates a valid contract.

[@vbstar1221]

bless your soul

[@studicata]

Thank you!

[@princeoftides4752]

A contract is a legal enforceable promise. Restatements of law

[@robbayugusuk7880]

Thanks sir. I got a question here for you. On date 27/April/2020 Mr. John Peter offered an automatic machine gun (AK47) to Mr Mathew Smith at the price 2000$. On date 28/April/2020 Mr.Mathew Smith received the gun and agreed that the price amount will be paid on 27/may /2020. On date 28/ may / 2020 Mathew Smith failed to pay the agreed price of the automatic machine (AK47) to Mr john peter. Assumed that you're a lawyer; Mr john peter came to you seeking advice: 1/ can he sue Mr .Mathew Smith claim for the price? Why. 2/ what's your advice to him.

[@thomasconnolly9033]

I know I'm not the studicata guy, but I'll give it a shot. (1) Sales of automatic weapons is heavily regulated by the federal government. Make sure you comply with the ATF. (2) Sending the machine gun without acceptance was foolish on the seller's part. This seems to be a gratuitous promise.

[@nicholauswoltering1335]

Which program offered features these crash course videos?

[@aprlou]

Studicata

[@DES-ok3um]

Is A lending B money (6k) and A promise to pay B back a consideration ?

[@paulyeung2544]

it is just my mere guess, hope it helps. There is already a legal obligation for A to pay B back for the money borrowed. A is not giving up any legal detriment. There is no bargain at the first place, B has a right to claim back the money he borrowed, a worthy consideration, in my opinion for this case, is to provide security (e.g. B gives an item to A and promises if he cannot pay back the money, the item can be sold by A to reclaim money). A duty under contract or law does not count as sufficient consideration

[@DES-ok3um]

@@paulyeung2544 Thankyou! I believed you are right as further into my lesson my professor actually clarified about that :)

[@Legalpigeon]

Why do I feel like he's about to mention his shadow legends sponsorship

[@brianellinger6622]

nah, aint seen anything on that yet,....