Consideration that is exchanged after mutual assent to the present contract is called past consideration.

Name: Consideration that is exchanged after mutual assent to the present contract is called past consideration.
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Quizplus · Accepted Answer

Past consideration refers to consideration that was given before the contract was formed and is generally not legally enforceable. Consideration must be present at the time of the contract's formation to be valid.

Consideration That Is Exchanged After Mutual Assent to the Present