What may be considered sufficient consideration if it involves the exchange of something valuable?

Forbearance of existing rights is indeed a valid form of consideration in a contract. In legal terms, forbearance refers to the act of refraining from exercising a right or claim that one is entitled to. When one party agrees to forbear from taking such action, it can be seen as providing something of value in exchange for the other party’s promise or performance.

This concept is grounded in the principle that consideration must consist of a legal detriment or a benefit to the promisor. By choosing to forbear from asserting a right, a person is making a sacrifice or giving up something they are entitled to, which has value. This can often be seen in situations where one party agrees not to sue another despite having a valid claim, thereby providing consideration for a settlement agreement.

On the other hand, general promises lack the specificity and exchange of value required for consideration, performance of future duties typically does not establish consideration until those duties are fulfilled, and past actions do not constitute consideration as they do not involve a present exchange or detriment. Thus, forbearance of existing rights fits the requirement of sufficient consideration effectively.