For example, if you went into a store to buy a computer for $500 then the computer is consideration from the store and the $500 is consideration from you.
Consideration simply means something of value given by each party to a contract and there must be consideration on both sides for the contract to be valid.
If the store promised to give you a free computer and later changed their mind, you could not hold them to the contract because you did not offer them anything of value - there was no consideration from your side.
Consideration in contract law is characterized as something of value exchanged between parties, such as money, goods, or services, in order to make a contract legally binding.
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.
The carbolic smoke ball case is significant in contract law because it established the principle that a promise made in an advertisement can be considered a legally binding contract if certain conditions are met. This case helped clarify the concept of unilateral contracts and the importance of offer, acceptance, and consideration in contract formation.
In business law, legality of object refers to the requirement that the purpose of a contract must be legal and not against public policy. Consideration refers to something of value exchanged by parties to a contract, such as money, goods, or services. Both legality of object and consideration are essential elements for a contract to be enforceable in business law.
The court case Carlill v Carbolic Smoke Ball Company was significant in contract law because it established the principle that a promise made in an advertisement can be considered a legally binding contract if certain conditions are met. This case helped clarify the concept of unilateral contracts and the importance of offer, acceptance, and consideration in forming a contract.
Private laws are those that do not apply to everyone. An example of private law is a contract. As long as it is not illegal, you can contract for many things or you contract away your rights.
An object of a contract that is permitted by law and possible of performance
Consideration is an essential element of a legally binding contract where each party agrees to give or do something in exchange for something from the other party. In English law, consideration must be present for a contract to be enforceable, whereas in Indian law, a promise can be enforceable even without consideration under certain circumstances, such as promises made to close family members. Additionally, Indian law recognizes past consideration as valid consideration, while English law generally does not.
It depends on the case, client. For example, I worked in contract law for a consumer protection charitable organization. The pay was so, so. However, if I worked in contract law for a NFL football team it would be a lot more.
Consideration is a key element in contract law that refers to something of value given by each party to a contract. It is typically in the form of money, goods, services, or a promise to do or refrain from doing something. Consideration is essential for a contract to be legally binding.
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).
the significance of consideration in law of contract is that it sets a value of exchange to the agreement between the parties