As it pertains to consideration,which of the following constitutes value?
A)an illusory promise
B)a preexisting duty
C)a forbearance
D)All of these are correct.

Question

Quizplus · Accepted Answer

A forbearance, or the act of refraining from doing something one has a right to do, constitutes value in consideration. An illusory promise, which is a statement that does not actually commit the promisor to anything, does not constitute value. A preexisting duty, which refers to a duty that already exists under the law or contract, also does not constitute value unless the promisor makes a promise to do something in addition to that duty.

As It Pertains to Consideration,which of the Following Constitutes Value