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It means that although consideration must provide some benefit to the promisor or detriment to the promisee, these do not however have a great deal. Providing something is given in return for a promise, it does not matter that it is not much, or not what the promise would usually be considered worth.Courts would not inquire into the adequacy of consideration so long as there are some. The reason for this rule is due to the old idea of freedom of contract, which required that the parties themselves should be allowed to make bargains that suit them without interference from courts.
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Consideration need not be adequate but must sufficient or valuable discuss?
consideration need NOT be adequate but must be sufficient.
Why must consideration be sufficient but not adequate?
Consideration must be sufficient but not adequate because it serves as a legal mechanism to ensure that parties enter into a contract willingly and with intent. Sufficient consideration means that the value exchanged is recognized by the law, ensuring a basic level of exchange. However, it does not require that the value be equal or fair (adequate), allowing parties the freedom to negotiate terms based on their individual circumstances and preferences. This flexibility fosters a diverse range of contractual agreements while maintaining legal enforceability.
Adequacy of consideration?
sufficient is used when we suggest a close meeting of a need . adequate may imply barely meeting a requirement . (Webster)
What is the amount of consideration that must be paid in an implied contract?
Consideration is the price paid for a promise and comprises three rules viz.It must be sufficient and not adequate;Must be of some economical value;Must move from the promisee.It is with the first of these notions that the question is concerned. It has been held in the past that a widow may remain in possession of a house by paying a value of £1 (Thomas v. Thomas (1842) 2 Q.B. 851) It was held that the amount was inadequate but none the less sufficient. It is a matter of fact as to what the court will consider sufficient, this is no different if the contract is express or implied. It is suggested that even a nominal amount will suffice.
What 2 things must happen for a solute to dissolve in a solvent?
The bonds between ions or molecules of the solvate must be broken. The solvent must be in a sufficient amount and an adequate temperature.
When installing cabling within the drop ceiling of a building what is an important factor that must be taken into consideration?
That the cable trays are sufficient.
Does consideration in a contract have to be specified amount?
No, consideration in a contract does not have to be a specified amount. It can be anything of value, such as services, goods, or even a promise to perform or refrain from a certain action. The key requirement is that the consideration must be sufficient and agreed upon by both parties, but it does not need to be quantifiable in monetary terms. Courts typically do not assess the adequacy of consideration, as long as it is legally sufficient.
Explain consideration and acceptance are the binding element of contract?
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.
How do you use the word inadequate in a sentence?
I made an adequate sentence using the word adequate.The proposal was adequate for the town's needs.Adequate measures were taken to keep the staff safe.
What are the characteristics of consideration?
Consideration in contract law refers to something of value exchanged between parties, which is essential for a contract to be legally binding. Its key characteristics include being sufficient, meaning it must hold some value but not necessarily be equal; being mutual, as both parties must provide consideration; and being legally recognizable, meaning it must not be illegal or against public policy. Additionally, consideration must be present at the time of the contract or promised to be exchanged in the future.
What are the rules that govern consideration in a valid contract?
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.
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.
