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The two types of consideration are executory and executed consideration. Executor consideration happens when promise to perform the act is in the future. On the other hand, executed consideration takes place when the promise of an act is already completed.
Wiki User
∙ 9y ago
Wiki User
∙ 14y agoThis is a broad subject so here are 3 key examples:
1. "good and valuable consideration" or just "valuable" consideration: this is there is a give and take of value that is essentially monetary: "I'll shovel your driveway if you pay me $10". It is also "sufficient" if the parties agree that the values on each part are fair and equitable.
2. "good" consideration: this is like a gift and is usually used in formal legal instruments when the intent is to express a gift instead of a sale and purchase.
3. "equitable consideration": this is where it would be grossly unfair to allow someone to not compensate another party even where there was no absolute legal obligation or all of the terms of a contract were not followed. An example is where a contractor finishes a job but there is a technical breach of contract because the work is not "100% complete". Since it would be grossly unfair if the party receiving the benefit of the work to pay nothing if in fact that party received a fair benefit, the contractor may be entitled to the value of the work if it is not 100% of the contract price.
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