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The lesson discusses contract modifications within the pre-existing legal duty rule. Before diving into that topic, the video gives a quick refresher on forming a traditional enforceable contract, emphasizing the three key elements: mutual consent, consideration, and no defenses to formation. The focus is on consideration, which involves the legal value of a bargained-for exchange. Consideration is determined by analyzing two elements: legal value and the idea of a bargained-for exchange. The video is part of a series on contract analysis, specifically on the formation of traditional enforceable contracts.