Your Business Law professor walks into a regularly scheduled class today and states that she will not teach class unless each student enrolled in the class pays her $5.00 to teach today. Does consideration exist?

Question

Quizplus · Accepted Answer

Consideration requires that each party to a contract must agree to give up something of value that they are not already legally obligated to give up. In this scenario, the professor is already legally obligated to teach the class as part of her employment duties, so demanding additional payment to fulfill this preexisting duty does not constitute valid consideration.

Your Business Law Professor Walks into a Regularly Scheduled Class