Final answer:
Fulfillment of a condition to receive a gift is not considered valuable consideration as there is no exchange of something of economic value, which is essential for consideration in contract law.
Step-by-step explanation:
In contract law, valuable consideration refers to something of value that is given by each party to a contract that induces them to enter into the agreement to exchange mutual performances. Valuable consideration can include money, services, goods, or a forbearance (a promise to refrain from doing something). However, not everything can be considered as valuable consideration.
Out of the options provided:
- A benefit with no economic value is typically not considered valuable consideration because consideration must be something that can be valued economically.
- Peace of mind for the promisor can be subjective and generally does not have intrinsic economic value, so it is usually not seen as valuable consideration.
- The gratification of influencing the mind of another is also generally not recognized as valuable consideration, as it is not a tangible benefit or service.
- Fulfillment of a condition to receive a gift would not be considered valuable consideration because a gift is not part of a bargain. It is given without expecting anything in return, which is a key element of valuable consideration.
Thus, the correct answer is D. Fulfillment of a condition to receive a gift. This is not valuable consideration as there is no bargaining involved with the giving of a gift. In contract law, for there to be valuable consideration, there must typically be a bargain and an exchange of something of economic value.