What Is A Past Consideration? In terms of a contract, past consideration is used to mean a promise or an act that was made or performed prior to a contract. Past consideration typically comes into play when someone is trying to enforce a new promise. … It is for this reason that past consideration can
What Is Inadequate Consideration? Inadequate consideration refers to a situation where one party argues that the value that it provided the other party is greater than the value it was provided in return. Therefore, the consideration was inadequate. … For example, past consideration is not legally sufficient consideration. What does adequate consideration mean? Adequate consideration
What Is A Valid Consideration? Consideration is some thing of value promised by one party to another while entering into a contract. For a consideration to be valid there must be a promise from both sides. … This means that there must be a promise by one party against the promise of the other party.