I need a little explanation

13-2b Past Consideration Promises made in return for actions or events that have already taken place are unenforceable. These promises lack consideration in that the element of bargained-for exchange is missing. In short, you can bargain for something to take place now or in the future but not for something that has already taken place. Therefore, past consideration is no consideration. Case in Point 13.5 Jamil Blackmon became friends with Allen lverson when lverson was a high school student who showed tremendous promise as an athlete. One evening, Blackmon suggested that Iverson use \"The Answer" as a nickname in the summer league basketball tournaments. Blackmon said that lverson would be "The Answer\" to all of the National Basketball Association's woes. Later that night, Iverson said that he would give Blackmon 25 percent of any proceeds from the merchandising of products that used \"The Answer\" as a logo or a slogan. Because Iverson's promise was made in return for past consideration, it was ______c______I_1_ 1.. _ac'_ _n. I_________ _.__.___'II__-__-__.____'_:___ J. _-___ n1- _1_______ _ _:n_ .t Jamil Blackrnon became friends with Allen lverson when Iverson was a high school student who showed tremendous promise as an athlete. One evening, Blackmon suggested that Iverson use "The Answer\" as a nickname in the summer league basketball tournaments. Blackmon said that Iverson would be "The Answer\" to all of the National Basketball Association's woes. Later that night, Iverson said that he would give Blackmon 25 percent of any proceeds from the merchandising of products that used \"The Answer" as a logo or a slogan. Because Iverson's promise was made in return for past consideration, it was unenforceable. In effect, Iverson stated his intention to give Blackmon a gift. * In a variety of situations, an employer will often ask an employee to sign a noncompete agreement, also called a covenant not to compete. Under such an agreement, the employee agrees not to compete with the employer for a certain period of time after the employment relationship ends. When a current employee is required to sign a noncompete agreement, his or her employment is not sufficient consideration for the agreement, because the individual is already employed. To be valid, the agreement requires new consideration