What are two exceptions to the rule requiring consideration?
A) A bilateral contract and a unilateral contract.
B) Promissory estoppel and an illusory contract.
C) A contract under seal and promissory estoppel.
D) A contract under seal and an illusory contract.
E) A contract under seal and a contract involving a liquidated debt.

Question

Quizplus · Accepted Answer

Contracts under seal and promissory estoppel are two exceptions to the rule requiring consideration. A contract under seal is a formalized agreement that is recognized as valid without consideration, due to its formal execution. Promissory estoppel prevents a party from withdrawing a promise made to a second party if the latter has reasonably relied on that promise to their detriment.

What Are Two Exceptions to the Rule Requiring Consideration