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Section 23
The consideration or object of an agreement is lawful, unless- it is forbidden by law 1[ ; or is of such a nature that, if permitted, it would defeat the provisions of any law; or is fraudulent; or involves or implies injury to the person or property of another or; the Court regards it as immoral, or opposed to public policy. In each of these cases, the consideration or object of an agreement is said to be unlawful. Every agreement of which the object or consideration is unlawful is void.
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What is Conclusion of unlawful and lawful consideration?
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Consideration is totally unnecessary for the formation of contracts?
Consideration is actually absolutely necessary for the formation of contracts. A contract that does not have consideration is basically invalid unless one party can show detrimental reliance.
What are the types of consideration?
http://www.lawyer-locater.com/Business/Contracts/125/
What circumstances would a contract be valid without any consideration?
from wawa(ums kal) :contracts under seal are valid without a consideration or perbaps
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.
Does The practitioner's guide Corbin on Contracts contain a section on consideration as a Quid Pro Quo?
Yes, it does, it is in the table of contents
Does consideration have to be exchanged by both parties when a contract is made?
Not necessarily. Sometimes in a contract for sale or purchase, a down payment is accepted as "consideration," but other types of contracts do not require any such offering.
What is a required element in all contracts by which a legal right or promise is exchanged for the act or promise of another person?
there should be a consideration for each party........
What has the author Antonino Cataudella written?
Antonino Cataudella has written: 'La donazione mista' -- subject(s): Consideration (Law), Gratuitous Contracts
Legal Documents: The Precise Formation of Written Contracts?
Many people need legal documents for all sorts of purposes. Perhaps someone is purchasing real estate or starting a new business. He or she likely needs to draft various written contracts that can ensure business transactions are stable and can be trusted. When creating and formulating legal documents, it is important for people to understand the basic concepts surrounding the creation of contracts. Even if one hires a lawyer to write up contracts, it is helpful for a person to thoroughly know how a contract should be created to ensure no future legal mishaps. For example, in creating an options contract, it is important for people to remember that consideration must exist for such a contract to be enforceable. The Restatement 2d C2A787(a) states than an offer is binding as an option contract if it is in writing and signed by the offeror, and also recites a purported consideration for the making of the offer, and proposes an exchange on fair terms within a reasonable time; or is made irrevocable by statute. As can be seen, consideration is an integral part of any contract. Courts in the United States have held that valid consideration is necessary for the formation of options contracts. In Board of Control of Eastern Michigan University v. Burgess, the court decided that no consideration was received in a contract for the option to purchase defendant's land. In that contract, the plaintiff had never given any form of consideration to defendant for the option contract. When the plaintiff tried to execute the option to purchase the land, the defendant refused. The court held that had the plaintiff even given one dollar for consideration, then the plaintiff could have the option to purchase the land since a contract would have been formed. Under the Statute of Frauds, there are certain legal documents and contracts that must be written. Contracts that answer to a creditor for the debt of another, contracts made in consideration of marriage, and contracts that involve that sale of land or affect interest in land must also be made in writing. Lastly, contracts that will not be performed in a one year time frame within their making also must be made in writing. In contracts for the sale of goods, the Statute of Frauds further requires that the writing must specify a quantity and the specific terms of the agreement. These are some basic concepts to consider when using legal documents and contracts.
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".
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".
