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Consideration (Past consideration is no consideration (EXCEPTIONS: ( a…
Consideration
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Promissory estoppel
where a promise has been made which is intended to be binding and to be acted upon and is acted upon, then the court will not allow the promisor to act inconsistently with his promise.
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Limitations
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an an equitable remedy, it is not available to a party who has acted inequitably
Economic Value
things given or promises must have some economic value. Consideration must be "sufficient", but does not need to be adequate. Consideration must be something of value in the eyes of the law.
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something of value that is provided and which acts as the inducement to enter into the agreement. The price of the promise. If there is no consideration, then there is no binding contract.