Exam 13: Consideration

Section 2-306 of the UCC expressly disallows output contracts in the sale of goods.

A promise to do (or not do)something in the future counts as consideration.

If someone provides a service that he or she is already obligated to do,it is an example of

Upon graduating from college,Kathy announced her plans to enter law school the following fall and to marry Rick in December.Kathy's father was afraid that marriage during her first year in law school might cause her to fall behind in her studies or cause her to drop out of school.He called Kathy and promised her $10,000 if she postponed her wedding until after completion of her first year of law school.Kathy agreed and postponed the wedding for a year.Kathy successfully completed her first year of law school,but soon thereafter,Kathy's father died.The administrator of her father's estate claimed she was not entitled to the $10,000 because there was no consideration for her father's promise.If Kathy sues the estate,she will probably be

What is consideration and what are the two basic elements of consideration?