Which of the following is considered valid consideration?

Valid consideration is a fundamental concept in contract law, necessary for the formation of a legally binding agreement. In order for a contract to be enforceable, both parties must provide something of value, which can take various forms.

Making a promise to abstain from legal action is considered valid consideration because it involves giving up a right or a potential action that one is legally entitled to pursue. By agreeing not to take legal action, the party is providing something of value that benefits the other party, thereby creating a mutual agreement that can be seen as a form of consideration.

The other options do not satisfy the criteria for valid consideration. Past performance, for instance, cannot be used as consideration because it does not involve any future benefit or detriment to the parties involved; it is merely a reflection of what has already been done. Abandoning a legal claim can sometimes constitute valid consideration, but it depends on the specifics of the claim and the context of the agreement. Additionally, a promise to perform an existing obligation does not create new consideration, as it does not involve a change in circumstances or provide a benefit to the other party.

Thus, the option regarding the promise to abstain from legal action stands out as a clear example of valid consideration that fulfills