1. Consideration must move at the desire of the promisor-The act or forbearance must be done at the desire or request of the promisor. If it is done without his request or at the request of a third party it will not be a valid consideration.
2. Consideration need not be adequate but must be sufficient-It is not necessary that there must be full return for the promise. There must be something rather than nothing. The law has left the quantum of consideration to be decided by the respective parties. Thus, the law will not object to the inadequacy of consideration.The law will not enforce a promise even if it is without consideration.
3. Past consideration is not consideration
4. Forbearance to sue may be good consideration
5. Performance of existing duties.
A person who has not provided consideration cannot sue to enforce a promise.
The advantages of consideration in a valid contract
For a contract to be valid, it must include an offer, acceptance, consideration, legal capacity, and legal purpose.
An offer is valid only if it is made with an intention of getting the assent of another. when there is no acceptance the contract does not come into existence. For a valid contract there must be consideration which need not be adequate.
They are valid element of a contract they are offer and acceptance, legality consideration capacity terms
from wawa(ums kal) :contracts under seal are valid without a consideration or perbaps
Just because a contract contains consideration does not mean it is legal or binding. There are other requirements that must be met.
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.
An offer is a component part of a contract. There are three steps in creating a valid contract: the offer, the acceptance of the offer and an exchange of consideration.An offer is a component part of a contract. There are three steps in creating a valid contract: the offer, the acceptance of the offer and an exchange of consideration.An offer is a component part of a contract. There are three steps in creating a valid contract: the offer, the acceptance of the offer and an exchange of consideration.An offer is a component part of a contract. There are three steps in creating a valid contract: the offer, the acceptance of the offer and an exchange of consideration.
There are 7 ingredients to a valid contract 1. Offer; 2. Acceptance; 3. Consideration 4. Capacity to contract; 5. Intention to Create Legal Relations; 6. Consent 7. Legality
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.
A "detriment" is one criteria used to satisfy the sufficiency of consideration supporting a valid contract.
you can prepare a contract if and only if there is a valid offer and an acceptance supported by a consideration. in proerty law you prepare a contract at the completion of offer acceptance, investigation of title and exchange of sale price.