CONSIDERATION

A benefit conferred or a detriment incurred; a basic requirement of every valid contract.

 

 

LEGAL DUTY RULE

A promise to do what one is already legally bound to do is not consideration.

 

 

MUTUALITY OF CONSIDERATION

The bargain element of the contract; that each side must give and receive something of legal value.

 

 

PROMISSORY ESTOPPEL

Doctrine in which promises not supported by consideration are given enforceability if the promisee had detrimentally relied on the promises.