An enforceable promise must be based upon consideration or an exception

An enforceable promise must be based upon consideration or an exception. Summarize your understanding as to why this is the case, what is consideration, and what exceptions are available to enforce a promise if there is no consideration. This week, we focused on the basic ways a contract is concluded. The basic formula for enforceable promises was outlined in lesson 10 as follows, “O + A + C = K” (Offer plus Acceptance plus Consideration equals a contract).

After reading the text, watching the video this week, and learning about the basic rules of mutual assent (offer & acceptance), please identify and discuss one aspect of contract formation that you found the most interesting, nuanced, or complex.