Which of the following is NOT typically considered valid consideration?

Consideration in contract law refers to something of value that is exchanged between parties, which can take various forms, such as money, services, or a promise to do something. The concept of consideration is crucial because it ensures that each party is offering something of value in return for what they receive, thus supporting the enforceability of the agreement.

A gift, while potentially valuable, does not qualify as valid consideration because it is given without the expectation of receiving something in return. For a promise or an agreement to be legally binding, both parties need to provide consideration; hence, a one-sided gift lacks this element and cannot support a contract's enforceability.

In contrast, a future promise to pay may be considered valid consideration if it is part of the mutual agreement, as long as it represents a commitment that provides value in exchange for the other party's promise or performance. Similarly, an existing obligation typically does not constitute valid consideration, as it does not involve an additional commitment beyond what one is already legally obliged to do. Finally, an act performed in exchange for a promise is valid consideration, providing a mutual benefit and thus qualifying as a cornerstone of enforceable agreements.

Therefore, because a gift does not involve a mutual exchange of value, it is correctly identified