0
What else can I help you with?
What is the antonym for thoughtful?
The antonym for "thoughtful" is "thoughtless," which means lacking consideration or attention to others.
Why An agreement without consideration is void?
An agreement without consideration is void because consideration is a fundamental element of a legally binding contract. It refers to something of value exchanged between the parties, which demonstrates mutual consent and intent to create legal obligations. Without consideration, the agreement lacks the necessary support to enforce the parties' promises, rendering it unenforceable in a court of law. Thus, both parties must provide something of value for the agreement to be valid.
What is verbal consideration?
Verbal consideration refers to a promise or agreement that is made through spoken words rather than a written document. In contract law, verbal consideration still holds legal weight as long as there is evidence to support the agreement. However, written contracts are generally preferred because they provide clearer terms and evidence of the agreement.
What is unlawful consideration in contracts?
Section 23The consideration or object of an agreement is lawful, unless- it is forbidden by law 1[ ; or is of such a nature that, if permitted, it would defeat the provisions of any law; or is fraudulent; or involves or implies injury to the person or property of another or; the Court regards it as immoral, or opposed to public policy. In each of these cases, the consideration or object of an agreement is said to be unlawful. Every agreement of which the object or consideration is unlawful is void.
What is the significance of contractual consideration?
the significance of consideration in law of contract is that it sets a value of exchange to the agreement between the parties
Will an unenforceable promise constitute consideration as long as the parties to the contract appear to be in agreement?
true
What are the features of void contract?
Features An agreement made by incompetent parties (Minor/Lunatic Person) is void. Any agreement with a bilateral mistake is void. Agreements which have unlawful consideration is void. Agreement with a unlawful object is void. Agreements made without consideration is void. Agreement in restraint of marriage of any major person is void (absolute restriction). Agreement in restraint of trade is void.(reasonable reason) An agreement the terms of which are uncertain is void. An agreement by way of wager (betting/gambling) is void. An agreement contingent upon the happening of an impossible event is void. Agreement to do impossible acts is void.
When may genuineness of assent be lacking?
Genuineness of assent may be lacking in a contract if one party was coerced, misled, or mistaken about the terms or subject matter of the agreement. This lack of genuine assent can make the contract voidable.
An agreement is made by?
Two or more parties who reach a meeting of the minds, for consideration (being something of value).
What are the key elements of a contract?
Agreement Consideration Intention to create legal relations Certainty Capacity Formalities
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 is a monetary consideration?
Monetary consideration refers to the financial compensation or payment exchanged in a transaction or agreement. It typically represents the value given in exchange for goods, services, or rights, and is a fundamental element in contracts. In legal terms, it ensures that both parties have something of value at stake, which helps to validate the agreement. Without monetary consideration, a contract may be deemed unenforceable.
