This episode reviews the common law consideration. The episode discusses the rules and relevant case law necessary to understand consideration and ends with an analytical framework and strategy for discussing consideration on a law school exam.

Key Takeaways:

1. Consideration is giving up something of value in exchange for a promise.
2. One form of consideration if giving up something you are not legally to give up, e.g. giving up alcohol if you are over 21.
3. Consideration is required (along with offer and acceptance) to create a legally binding contract.
4. Past acts can't support consideration.

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