Do the courts in contract actions automatically determine whether consideration is adequate? Discuss your answer.

Answer the questions.

1. Consideration is broken down into two parts: 1. something of legally sufficient value must be given in exchange for a promise; and 2. usually, there must be a bargained-for exchange (page 243.)
a. What is legal value consist of (list all three options)
b. What does bargained for exchange mean?

2.a. What is adequacy of consideration?
b. Do the courts in contract actions automatically determine whether consideration is adequate? Discuss your answer.

3. Fully explain the definition of an illusory promise?

4-5. Read Reviewing: Consideration on page 260 (at the end of the chapter) and answer the four questions that follow. Remember to explain the law.

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