Question: my question related to consideration i am trying to be...
My question related to consideration. I am trying to be clear on the benefit/ detriment requirement and the bargain requirement. If a contract is formed based on the offer to repay a debt already owed by a certain date and the offer is accepted by the party to who the debt is owed...
E.g. I owe you $500 which is overdue. I say I can pay you $400 now, or the $500 in 2 months time. Let me know which one you accept. You then accept $500 in 2 months time.
The consideration of the offeror is reapyment of the debt, but what is the consideration by the offeree?
Does this meet the bargain requirement? It is a promise for money that is already due (so it a pre-existing contract). Does quid pro quo exists in this example? (I'm not sure it does)
Thanks for your help.