what are the two types of consideration?
executed and executory.
In contract law, consideration is something of value that is given in exchange for a promise or performance. It is an essential element for a legally binding contract.
There are two types of consideration:
1. Executed Consideration: This is consideration that has already been performed or given at the time the contract is made. For example, if A promises to give B $1000 for a car that B has already sold to A, the executed consideration is the car that B has already given to A.
2. Executory Consideration: This is consideration that has not yet been performed or given at the time the contract is made, but will be provided in the future. For example, if A promises to pay B $1000 upon the delivery of a car, the executory consideration is the delivery of the car by B.
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