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A simplistic definition of 'consideration' is: something of value given by one party, in return for the performing of a contract, or for the promise to perform a contract, by the other party. (The full definition and analysis could run for several pages.)
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∙ 15y ago
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∙ 10y agoConsideration or renumeration is one of two major parts of the basic contract. The other portion is service or product rendered. Of course the contract will also call for terms, delivery and possible penalty defaults.
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∙ 9y agoConsideration is an essential element of contract without which a contract becomes void. Consideration is evaluation of the offer that has been made after which there will be acceptance so that the contract can be formalized.
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∙ 13y agoA widely used definition was provided in Dunlop v. Selfridge [1915] AC 847, when Lord Dunedin approved Pollock's 1876 Principles of Contract definition of consideration as follows:
"An act of forbearance or the promise thereof is the price for which the promise of the other is bought, and the promise thus given for value is enforceable."
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∙ 7y agoConsideration is one of the fundamental aspects of a contract. In order for there to be a solid meeting of the minds, there must be some form of payment, barter, or trade of services, goods, or money in order for the other party to accept the contract and deliver or perform. Without consideration, the contract would be very one sided and most certainly would be ruled as being unconscionable.
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∙ 6y agoThere must be consideration or there is no contract. The complaining party in a breach of contract suit must prove the existence of four elements in order for the contract to be enforceable in a court of law. Those elements are: offer, consideration, acceptance and mutuality.
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∙ 15y agoConsideration is the Promise or Performance that flows between the parties to a contract. It is also called legal detriment.
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∙ 14y agoUCC allows what of existing contracts without considerations
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∙ 8y agoConsideration is something of value. It can be goods, services, or even an agreement to refrain from something they could legally do otherwise. And the consideration must be legal.
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What is lawful consideration and object?
An object of a contract that is permitted by law and possible of performance
Will a contract always be valid and binding when its contains consideration?
Just because a contract contains consideration does not mean it is legal or binding. There are other requirements that must be met.
What are the type of consideration under tanzania law?
there are only two types which are executory consideration and executed consideration as provided under section 2(1)(d) law of contract act(cap 345 r.e 2002).
What is the significance of contractual consideration?
the significance of consideration in law of contract is that it sets a value of exchange to the agreement between the parties
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.
Why a past consideration is not a good consideration?
Do you mean consideration for contract formation? To have a bargain, you have to be willing to give something up. For example, if we had a contract for the purchase of your car for $5000, you would give up your car, and I would give up $5000. That's consideration. If the consideration is in the past (e.g. you already gave up your car), that's not going to create a binding contract.
When can you prepare a contract?
you can prepare a contract if and only if there is a valid offer and an acceptance supported by a consideration. in proerty law you prepare a contract at the completion of offer acceptance, investigation of title and exchange of sale price.
What is preexisting contractual duty?
A preexisting contractual duty is a common law rule of contract. It is wherein a party's offer of a performance already required under an existing contract is an insufficient consideration for modification of the contract.
What does stranger to contract and consideration mean?
1. A stranger to the contract is an entity not party to a contract. It can also specifically refer to an entity seeking to deprive one of the parties the benefit of the contract, such as in the case of the business torts of tortious inference with contract or tortious interference with an advantageous business relation.2. The unrelated concept of consideration is an element necessary for contract formation, in addition to mutual assent or offer and acceptance. It is defined as a bargained-for exchange; that is, an exchange of value between the parties, legally justifying the benefit of the contract accruing to the party. It can also take the form of a detriment incurred by one of the parties. There are alternative contract-law theories that can substitute for consideration under appropriate circumstances.
What are the rules that govern consideration in a valid contract?
1. Consideration must move at the desire of the promisor-The act or forbearance must be done at the desire or request of the promisor. If it is done without his request or at the request of a third party it will not be a valid consideration. 2. Consideration need not be adequate but must be sufficient-It is not necessary that there must be full return for the promise. There must be something rather than nothing. The law has left the quantum of consideration to be decided by the respective parties. Thus, the law will not object to the inadequacy of consideration.The law will not enforce a promise even if it is without consideration. 3. Past consideration is not consideration 4. Forbearance to sue may be good consideration 5. Performance of existing duties. A person who has not provided consideration cannot sue to enforce a promise.
Do you agree with Lord Dening's view on consideration?
Lord Denning's view on consideration was that the courts should not be too strict in requiring consideration in contract law to uphold agreements that are fair and just. Some legal scholars agree with this perspective, while others argue that consideration is an essential element in forming a valid contract. Ultimately, the interpretation of consideration may vary depending on the specific jurisdiction and context.
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.
