Contract Law

1. What is a gratuitous promise? Is a gratuitous promise ever enforceable in the law of contract? Explain your answer.

2. Explain the difference between sufficient consideration and adequate consideration. Will either type of consideration

3. What is the requirement of mutuality? How is it related to the bargain theory of contract?

4. There is a difference between past consideration on the one hand and a promise that indicates the reasonable price for work that was previously performed under a contract on the other hand. Explain the meaning of that statement. Provide an example to illustrate your answer.

5. Good consideration usually cannot be based on a pre-existing contractual obligation owed to the same party. Describe three ways by which business people can avoid that rule. What commercial reasons might motivate them to do so?