• Define consideration and explain what is meant by
legal sufficiency.
• Describe illusory promises, output contracts,
requirements contracts, exclusive dealing contracts,
and conditional contracts.
• Explain whether preexisting public and contractual
obligations satisfy the legal requirement of consideration.Explain the concept of bargained-for exchange and
whether this element is present with past
consideration and third-party beneficiaries.
• Identify and discuss those contracts that are
enforceable even though they are not supported by
consideration.
