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Consideration:-
Consideration for a particular promise exists where some right, interest, profit or benefit accrues (or will accrue) to the promisor as a direct result of some forbearance, detriment, loss or responsibility that has been given, suffered or undertaken by the promise. The consideration must be executor or executed, but not past. Consideration is executor Consideration can be anything of value (such as an item or service), which each party to a legally-binding contract must agree to exchange if the contract is to be valid. If only one party offers consideration, the agreement is not legally a binding contract. In its traditional form, consideration is expressed as the requirement that in order for parties to be able to enforce a promise, they must have given something for it (quid pro quo): Something must be given or promised in exchange or
return for the promise.
Contract:-
A contract is an exchange of promises between two or more parties to do or refrain from doing an act which is enforceable in a court of law. It is where an unqualified offer meets a qualified acceptance and the parties reach Consensus in Idem. The parties must have the necessary capacity to contract and the contract must not be trifling, indeterminate, impossible or illegal.
Hence by watching both definitions you can understand that contract required benefit for both parties. If there is no consideration for one party it means that party is not getting any benefit so. If there is no benefit for both party it means why they will make contract. And if benefit is only for one party then that is no contract because it is not full feeling contract first essential of exchange of promises, goods, services or something worth full for both parties.
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∙ 13y ago
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Consideration in contract terms refers to a party's competency to enter in a contract?
True
Simple contract special contract?
They are valid element of a contract they are offer and acceptance, legality consideration capacity terms
Define offer and acceptance?
Offer and acceptance are required to create a legally binding contract. The offer is contracted and then by signing the contract the other person indicates their acceptance of the terms.
Define between essentialia naturalia and incidentalia?
essentialia are term of a contract that identify the contract as one of the specific contract.naturalia are terms that are implied into a specific contract by law and incidentalia are the other term of the contract that parties have to agree to
What constitute a valid contract?
An enforceable contract requires the existence of the following elements: an offer, an acceptance that mirrors the terms of the offer, consideration, and lawful subject matter. The "consideration" can consist of money, property, a promise--just about anything of value that is not unlawful. Generally, a court will not inquire into the adequacy of the consideration. "Consideration" might be thought of as the "this for that" or the "quid pro quo". Even of the other elements are present, a contract cannot be enforced if the object of it is unlawful. That is, one cannot, for example, enforce a contract to rob a bank.
What does it mean by consideration must move from promisee?
In contract law, consideration is the benefit received by each party in a contract. It must move from the promisee to the promisor, meaning that the promisee must provide something of value in exchange for the promise made by the promisor for the contract to be legally binding. This ensures that both parties are giving and receiving something in the agreement.
What is a consideration of a contract?
Consideration is the Promise or Performance that flows between the parties to a contract. It is also called legal detriment.
Termination of contract?
How can u define "Termination of Contract"?
Can an option contract be created without consideration?
No. An option contract requires consideration for the option. Absent consideration for the option, the offer may be withdrawn at any time.
What is the legal effect of past consideration?
my attempt at trying to answer it is as follows. Consideration does not need to flow in any particular direction if the contract is offered before being accepted. But once it does start to flow the terms and conditions of the contract begin to come into effect and those terms, much like the terms of service of any internet service offer of a contract may or may not include definitions of how long the offer of a contract is open for, with the general equity principal in common law jurisdictions that "nothing good lasts forever" and all unlawful contracts are "unenforceable anyway".
What is the legal effect of a past consideration?
my attempt at trying to answer it is as follows. Consideration does not need to flow in any particular direction if the contract is offered before being accepted. But once it does start to flow the terms and conditions of the contract begin to come into effect and those terms, much like the terms of service of any Internet service offer of a contract may or may not include definitions of how long the offer of a contract is open for, with the general equity principal in common law jurisdictions that "nothing good lasts forever" and all unlawful contracts are "unenforceable anyway".
Define 'want' in busines terms?
define 'Want' in marketing terms
