BetterLawNotes-5 (2)

CONTRACT LAW

Executory consideration is where the consideration comprises a counter-promise. Thus where C promises to sing at D’s birthday party in exchange for D’s promise to pay C £100, the consideration for D’s promise of payment is executory. Executed consideration is where the consideration comprises the performance of an act (other than the making of a promise). If D promises £100 to the person who returns D’s lost dog, the consideration which will render the promise of payment enforceable is the returning of the dog. Executed consideration needs to be distinguished from past consideration: while executed consideration is good consideration, past consideration is generally not. 

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