According to the rule of ________, if a promisee's performance was rendered before the promisor's promise was made, then it can never serve as consideration, even though it may meet the "legal value" part of the test.

A past consideration occurs when a person (promisee) performs an action for that benefits another (promisor), and the promisor makes a promise to pay for the service rendered after the fact. Contract is formed after the performance of service.

Consideration is the payment amount bargained between parties in a transaction.

So the promise made to the promisee cannot serve as a consideration.

For example if Sam cuts the grass on Tony's land, and afterwards Tony decides to pay Sam $300 for his efforts. If Tony eventually pays Sam $200 he is not bound buy the initial offer because his decision to pay Sam is not a consideration and is not binding on him.

BenitoMarin BenitoMarin · Answer 2 · 2020-02-24T01:05:51+01:00

Answer:

The correct word for the blank space is: Consideration.

Explanation:

In Law, Consideration implies doing or stopping doing something typically monetary. Consideration is the act by which a promisee provided a service without the promisor making a promise or contract. Consideration usually departures from the promisee but is not followed by the promisor even if the causes of the promise are sufficient enough to request a promise from the promisor but in part they are inadequate.