Herb promises to give his nephew, Curt, his old TV when the new one he ordered arrives. Explain whether this promise is enforceable, and include in your discussion the concept of "bargained-for exchange."

Herb's promise is unenforceable because Curt has given no consideration. The central idea behind consideration is that the parties have intentionally entered into a bargained-for exchange with each other. Each must give the other something in a mutually agreed-upon exchange for his promise or performance. Here, Herb received nothing in exchange for his promise of a present.