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Note: I am not a lawyer. For a definitive answer, you should contact one.
It's a general principle of "common law" systems that both "sides" of a contract must provide some kind of consideration in order for the contract to be valid. The legal slang for a nominal consideration is a "peppercorn", and it's more or less customary for contracts to contain some kind of verbiage such as "for the sum of one dollar and other good and valuable consideration".
In the US, at least, including "peppercorn" clauses is... essentially... more of a superstition than anything else. Courts can and have found that such clauses do not actually reflect any kind of real "consideration", and that obviously one-sided contracts may in fact be invalid despite a "peppercorn" clause.
What else can I help you with?
Is a promissory note valid with no consideration?
No....a promissory note is not valid without a consideration.
What circumstances would a contract be valid without any consideration?
from wawa(ums kal) :contracts under seal are valid without a consideration or perbaps
How can I politely request my professor to reopen an assignment?
You can politely request your professor to reopen an assignment by sending them a respectful email explaining your situation and asking if they would consider allowing you to submit the assignment late. Be sure to provide a valid reason for needing an extension and express your gratitude for their consideration.
Can there be a trustee and beneficiary to an irrevocable trust?
A trustee and a beneficiary are essential to a trust. Without a trustee and a beneficiary there is no valid trust. They should not be the same person.
What is the difference between a valid trust and enforceable contract?
a valid trust is true and an enforcebale trust can be enforced
What are the advantages and disadvantages of past consideration?
The advantages of consideration in a valid contract
Could you please provide guidance on how to write a letter to a professor requesting an extension on an assignment?
When writing a letter to a professor requesting an extension on an assignment, be sure to start by addressing them respectfully and clearly stating the reason for needing the extension. Provide a valid explanation, such as unexpected circumstances or difficulties with the assignment. Express gratitude for their consideration and suggest a new deadline. Keep the tone polite and professional throughout the letter.
What is consideration and its condition?
That something of value is offered - that the offer is accepted - and THAT IT ACTUALLY PASSES HANDS. Without all three condition being met there is NOT a valid contract.
Can a trust with a taxpayer ID be levied by a judgment creditor?
Yes. If the creditor has won a judgment against the trust. It cannot be levied for a debt against the beneficiary as long as the trust is a valid trust.Yes. If the creditor has won a judgment against the trust. It cannot be levied for a debt against the beneficiary as long as the trust is a valid trust.Yes. If the creditor has won a judgment against the trust. It cannot be levied for a debt against the beneficiary as long as the trust is a valid trust.Yes. If the creditor has won a judgment against the trust. It cannot be levied for a debt against the beneficiary as long as the trust is a valid trust.
Would a FamilyTrust not signed by mother create problems when selling her house?
If its the mother's trust and its unsigned then the trust isn't valid. There may be problems but there isn't enough detail in the question.If its the mother's trust and its unsigned then the trust isn't valid. There may be problems but there isn't enough detail in the question.If its the mother's trust and its unsigned then the trust isn't valid. There may be problems but there isn't enough detail in the question.If its the mother's trust and its unsigned then the trust isn't valid. There may be problems but there isn't enough detail in the question.
Why An agreement without consideration is void?
An agreement without consideration is void because consideration is a fundamental element of a legally binding contract. It refers to something of value exchanged between the parties, which demonstrates mutual consent and intent to create legal obligations. Without consideration, the agreement lacks the necessary support to enforce the parties' promises, rendering it unenforceable in a court of law. Thus, both parties must provide something of value for the agreement to be valid.
Is a trust valid if never funded?
A trust can be considered valid even if it is never funded, as its validity typically depends on the proper creation and execution of the trust document according to state laws. However, an unfunded trust may not serve its intended purpose, as there are no assets to manage or distribute. To be effective, a trust should ideally be funded with assets during the grantor's lifetime or upon their death. Without funding, the trust may not provide the benefits it was designed to offer.
