This lesson assumes you are familiar with the requirement of consideration. It also assumes you are familiar with the rule that past consideration is not good consideration. As you may recall, “past consideration” is a misnomer. If a party makes a promise to pay for a benefit previously conferred, there is no consideration for the […]

The subject of this lesson is satisfaction clauses. Satisfaction clauses require special attention because they could operate as illusory promises. The object of this lesson is to learn 1) to distinguish illusory promises from enforceable satisfaction clauses, and 2) to determine whether courts will apply an objective or subjective standard of satisfaction. via Satisfaction Clauses […]

The topic of this lesson is one of the fundamental components of contract formation—mutuality of obligation or commitment. The lesson includes a discussion of illusory promises. via Mutuality of Obligation | Center for Computer-Assisted Legal Instruction.