Contract Law - what's the difference between past and executed consideration?Watch
e.g. "If you deliver the milk to me tomorrow, I will pay you $xxxx"
executed contract : e.g. Buying of newspaper. e.g. contract formed when parties finishes their part of providing consideration ( fetching of the newspaper and $).
Past consideration: contract formed, one party later give a new promise regarding the contract. e.g. Roscorla v Thomas -- transaction of horse completed, later the seller promised that the horse was sound and free from vice.
For Past consideration, A promise has not even been "determined"/ or existed when the contract is formed.