Past consideration is a promise to repay someone for a benefit before it has been received.

Question

Quizplus · Accepted Answer

Past consideration refers to benefits that have already been received and cannot be used as a basis for a new promise. A promise must be supported by current consideration, which is the exchange of something of value at the time the promise is made. Therefore, a promise to repay someone for a benefit before it has been received is not considered valid.

Past Consideration Is a Promise to Repay Someone for a Benefit