executed or executory
executory: promised in future
must from promisee
exception: third party rights
sufficient but no need adequate- not be illusory (e.g. a promise to stop complaining is illusory)
existing duty is not a good consideration- unless there is practice benefit
past consideration is not good consideration - something have been done
exception: implied understanding of payment
part payment of debt is not good consideration
can still sue for full amount
exception
debt is disputed in good faith
payment at different place or earlier payment, or by different means
a composition with all creditors
promissory estoppel
give legal effect to an agreement without consideration
only used as shield, not sword
requirement
clear and unequivocal promise (express or implied)by promisor not to rely on existing legal rights
promisee must have altered their position in reliance on the promise
inequitable for promisor to go back
effect
suspensory effect only, promisor may revive original condition by reasonable notice
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