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No, consideration in a contract does not have to be a specified amount. It can be anything of value, such as services, goods, or even a promise to perform or refrain from a certain action. The key requirement is that the consideration must be sufficient and agreed upon by both parties, but it does not need to be quantifiable in monetary terms. Courts typically do not assess the adequacy of consideration, as long as it is legally sufficient.
What else can I help you with?
Identify the term contract?
A contract is defined in law as an agreement between two parties with an offer, acceptance, and consideration.
What is a contract of natural gas when traded on the merchnatile exchange board of trade?
A contract of natural gas traded at the Chicago Mercantile exchange is a contract to take delivery of a certain amount of natural gas at a specified time. The contract will state the amount, the price and when the natural gas will be delivered.
What is the meaning of identured servant?
One party under contract to do service for another party for a specified amount of time.
When is a contract breeched?
when the condition specified in the contract are not followed then the contract is said to be breached.
Do the player get the money when they get traded?
The traded NHL player continues to make the salary specified in his contract, but the players new team now assumes the remainder of his salary, not the whole amount of the contract.
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.
Does consideration have to be money in a contract?
Consideration in a contract does not have to be money. It can be anything of value exchanged between parties, such as goods, services, or promises.
What are the advantages and disadvantages of past consideration?
The advantages of consideration in a valid contract
Where there is no consideration there is no contract-comment?
In business
Can an option contract be created without consideration?
No, in order to create a legally binding option contract, consideration is required. Consideration is what each party gives or promises to give in exchange for the other party's promise. It is a key element in forming a contract and provides the basis for a valid agreement.
Is there consideration in a unilateral contract?
In a unilateral contract, consideration is present, but it operates differently than in a bilateral contract. The offeror provides consideration by promising something (e.g., payment) in exchange for the performance of a specific act by the offeree. The offeree's act constitutes the consideration that completes the contract. Thus, while only one party makes a promise initially, the consideration comes into effect once the act is performed.
What is the contemporaneously legal definition of "consideration" in contract law?
In contract law, "consideration" refers to something of value exchanged between parties in a contract, such as money, goods, or services. It is a necessary element for a contract to be legally binding.
