In late May, Lovin was excited about his upcoming graduation ceremonies.Because he wanted to look his best, he visited a tailor and agreed to pay $500 for a new suit.The contract required Lovin to pay the full price on June 1 and entitled him to collect the finished product on June 10.As promised, Lovin paid the full amount on the first of June.At that point, it can be said that he gave "past consideration" in support of the contract.

Question

Quizplus · Accepted Answer

Past consideration refers to something that has already been done in the past, before the contract was formed. In this case, Lovin's payment of $500 was not past consideration because it was paid after the contract was formed. It was an example of present consideration.

In Late May, Lovin Was Excited About His Upcoming Graduation