Final answer:
Past consideration is indeed no consideration at common law, as it refers to something given or done before the formation of the contract, which does not meet the legal requirement of consideration to enforce a contract.
Step-by-step explanation:
The question asks whether it is true or false that past consideration is no consideration under common law. This statement is true. In legal terms, consideration refers to something of value that is given by both parties to a contract that induces them to enter into the agreement to exchange mutual performances. Consideration must be 'executory' or 'executed', meaning it must be due to be given or performed in the future, or being performed at the moment of the contract formation. Past consideration, which is something given or promised before the contract was formed, is not considered to be valid consideration under common law. An act done before the contract is made, which is not performed in pursuit of the contract, does not count as consideration; thus, it does not provide a basis to enforce the promise or agreement.