Your prompt is as follows. As we have discussed, consideration is a required element of a contract in American common law. Gratuitous promises are generally not legally binding, with some exceptions, particularly instances of promissory estoppel. An essay of at least 750 words addressing whether you believe that promises should be legally binding, and if so, in what instances. Please address the specifics:

Questions:

1) Why do you believe that promises generally aren't legally binding in American common law?

2) Why do you believe that American common law requires consideration in binding contracts?

3) If promises aren't generally legally binding, are there other risks associated with breaking a promise? What are those risks?

4) Do you believe that promissory estoppel should be an exception to the consideration requirement?

5) Do you believe that some promises should be legally binding? If so, which ones and why?