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S3: What makes a contract? (What is required for binding contract?…

- - - - promise = wash car
      - Consideration = $20
    - - Sufficient for the law to be applied but need not be adequate to the promisee
    - - Is it a good consideration?
        
        Yes
        
        The wrappers need not necessary be garbage as it can cause people to buy or make economic transaction that favors nestle behind the scene of the wrapper
        
        Suffered a detriment in obtaining the 3 chocolate wrappers (pay money)
    - - Executory
        
        promised to act
      - Executed
        
        act is done
    - - past consideration
        
        There is no meeting of the mind as the promise is not binding
    - - Not a good consideration as it is the crew's job/duty to bring back the ship
    - - Benefit of finishing on time for contractor by the sub contractor
        
        Contractor has benefits of avoiding litigation / avoiding lawsuit
        
        Benefit of not getting fired and the employer changed contractor
    - - Existing duty to a third party
      - It won by unilateral offer
        
        To prevent future similar case from occuring, promise to exempt only the carrier
    - - CASE: Central London Property v High Trees House
        
        promisor cannot go back on promised
        
        only for defend and not to sue