Question

Consideration

Alice promises to give her neighbor a blueberry bush; the neighbor says, “Thank you!” Subsequently, Alice changes her mind. Is she bound by her promise?

Why, notwithstanding its relative antiquity, does consideration still serve some useful purposes?

Identify the exchange of consideration in this example: A to B, “I will pay you $800 if you paint my garage.” B to A, “Okay, I’ll paint your garage for $800.”

Answer 1

Alice is not bound by her promise as there is no consideration for her and her promise of giving blueberry bush to her neighbour was just an intent to make a gift.

( consideration means something of legal value, is given in return of something)

Contracts under the UCC (Uniform Commercial Code) including those barred by the statute of limitations or promises by a bankrupt to repay debts etc does not require consideration but other contacts or modification in a contract require consideration.

For A $ 800 is the consideration and for B doing the act of painting is his consideration.