Question

Under what circumstances does the initial promise act as valid consideration for a subsequent promise?

Answer 1

The circumstances where an initial promise acts as valid consideration for a subsequent promise depend on the requirements of consideration in contract law.

Step-by-step explanation:

The circumstances under which an initial promise acts as valid consideration for a subsequent promise can vary depending on the specific legal context. In contract law, consideration refers to something of value that each party to a contract gives to the other party in exchange for their promise. Generally, the initial promise can serve as valid consideration for a subsequent promise if it meets the requirements of consideration, such as being legally enforceable and involving a bargained-for exchange. For example, if one party promises to pay $500 to another party to paint their house, and the other party subsequently promises to complete the painting, both promises can be considered valid consideration for the overall contract.

Answer 2

Under certain circumstances, the initial promise can serve as valid consideration for a subsequent promise. This includes situations where there is a pre-existing duty, part payment or performance, or the doctrine of promissory estoppel applies.

Step-by-step explanation:

Under certain circumstances, the initial promise can serve as valid consideration for a subsequent promise. One such circumstance is when there is a pre-existing duty. For example, if a person is already obligated to perform a certain act, promising to perform that act does not require additional consideration. Another circumstance is when there is a part payment or part performance. If a party has partially fulfilled their obligation, their promise to complete the remaining part can be considered valid consideration. Lastly, the doctrine of promissory estoppel can also make the initial promise enforceable if the promisor should have reasonably expected the promisee to rely on it and the promisee did indeed rely on it to their detriment.