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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.
What is the legal definition of an agreement?
A Contract
What are the requirements for a valid contract?
For a contract to be valid, it must include an offer, acceptance, consideration, legal capacity, and legal purpose.
What is the legal definition of insurance?
A contract whereby, for specified consideration, one party undertakes to compensate the other for a loss relating to a particular subject as a result of the occurrence of designated hazards.http://legal-dictionary.thefreedictionary.com/insurance
Key elements of a valid contract?
A valid contract includes an offer by one party, acceptance by the other party, consideration exchanged between the parties, legal capacity of the parties to enter into the contract, and a legal purpose for the contract. These elements are essential for a contract to be legally enforceable.
What does consideration mean in contract law?
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.)
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 is concept of consideration?
It means to think about something. When you take something into consideration, it means you will think about about it, before coming up with an answer. You think about something and then decide what to do in regards to the matter.
What is a contractual relationship?
Legal relationship between contracting-parties evidenced by (1) an offer, (2) acceptance of the offer, and a (3) valid (legal and valuable) consideration. Existence of a contractual relationship, however, does not necessarily mean the contract is enforceable, that it is not void (see void contract), or not voidable (see voidable contract). Read more: http://www.businessdictionary.com/definition/contractual-relationship.html#ixzz166WySF1X
What are the five elements which must be present in a contract to make it valid?
Agreement Consideration Legal Object Competent Parties Legal Form
What is the legal definition of Spirit of the agreement?
The spirit of an agreement goes beyond its explicit terms, to include the implied terms and a consideration of the purpose of the agreement. In short, when someone argues that the 'spirit of the contract' has been breached, they are grasping at straws.
What are the key elements of a contract?
Agreement Consideration Intention to create legal relations Certainty Capacity Formalities
