Explain how forbearance can satisfy the requirements of consideration.

27. Explain the three characteristics of valid consideration and provide an example of an agreement having these characteristics.

28. Describe the position generally held by the courts on the matter of adequacy of consideration.

29. Identify four kinds of agreements that lack consideration.

30. Why are courts reluctant to rule on the adequacy of consideration?

31. In some contractual relationships, the bargaining power of one party gives him or her an unfair advantage when dealing with another who might lack the economic power or the education to enter into contracts on an equal footing. What has the law done in an attempt to level the playing field in such cases?

32. Forms of Consideration Critique the various exchanges of promises that are legally regarded as acceptable consideration. Your analysis should concentrate on whether each type of consideration facilitates or hinders the execution of a contract.

33. Invalid Consideration Because valid consideration is an exchange of promises, it is obvious that a promise to commit an illegal act is not valid consideration. Describe a promise to commit an illegal act that is not legally acceptable.

34. ConsiderationA Promise for a Promise The most common form of valid consideration is the promise of money by one party for the promise of an act by another. Why is a mere promise deemed adequate in the eyes of the law when consideration based on completed actions might result in fewer disputes?

35. ConsiderationForbearance Valid consideration is not necessarily either the performance of an act or the payment of money. One party to a contract, for a variety of reasons, may wish to exchange his or her promise to pay money for a promise of inaction from the other party. Because promises of inaction are often difficult to verify, should promises of forbearance be legally acceptable?

36. A Question of Ethics Agreements between parties of unequal bargaining power are known as contracts of adhesion. For example, an apartment house owner presented a tenant with a lease renewal that contained additional and burdensome provisions. The tenant, finding it difficult to move, was forced to accept the lease despite the hardship. Beyond the legal aspects of a contract of adhesion, what are the ethical dimensions to consider in this example?