If a contract that was lacking in consideration is performed by the parties, the parties cannot subsequently assert lack of consideration to undo the performed contract.

Question

Quizplus · Accepted Answer

This is known as the doctrine of past consideration or ratification. Once a contract that lacked consideration is fully performed by both parties, it is considered valid and cannot be undone by either party claiming lack of consideration.

If a Contract That Was Lacking in Consideration Is Performed