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Question: my question related to consideration i am trying to be...

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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.

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