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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.

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In contract law, how is consideration characterized?

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.


What is the contemporaneously legal definition of "consideration" in contract law?

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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.


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Consideration meaning and difference between English law and Indian law?

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