What are consideration exceptions related to contracts?

Consideration is a fundamental principle in contract law, typically requiring that something of value be exchanged for a contract to be enforceable. However, there are exceptions where a valid contract can exist without consideration. These exceptions include:

1. Promissory Estoppel: This legal doctrine allows a promise to be enforced even in the absence of consideration if one party relies on the promise to their detriment.

2. Contracts under seal: Traditionally, agreements made under seal (formal contracts) do not require consideration to be enforceable.

3. Past consideration: In certain situations, a promise based on past actions may be enforceable even though there was no consideration at the time of the promise.

4. Mutual promises: In some cases, mutual promises between parties may be considered sufficient to create binding obligations without the need for additional consideration.

Understanding these exceptions helps clarify why a contract may be valid despite not having the typical requirement of consideration. The other options do not represent situations where consideration can be bypassed, since illegal contracts, written confirmation needs, and contracts being voidable by either party all pertain to different aspects of contract law.