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Consideration is what each party gives up. There are two elements of consideration, legal detriment and inducement. Legal detriment in the sense of the law may consist either of some right, interest, profit, or benefit accruing to the one party, or some forbearance, detriment, loss or responsibility given, suffered or undertaken by the other. The other element of consideration is inducement. This most often takes the form of the "if-then structure." IF you will paint my house, THEN I will pay you $500.
There are many ways in which consideration can be "bad".
A gift is not normally consideration. It lacks the legal detriment to one of the parties. What would they be giving up in exchange for the gift?
Conditional gifts may also be "bad" consideration - If the consideration does not induce the other. I will give you my car if you will stay alive for another 5 years. Staying alive for five years did not require that party to do anything he wouldn't have normally of done. Therefore he has not given up something in exchange for the car.
Past consideration is typically not going to count. If it is something you've done in the past, how can it induce this contract?
There are many more elements of consideration, these are just enough to scratch the surface. Also, even with bad consideration, there may be means of enforcing the contract.
What else can I help you with?
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?
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.
What is legality of object and consideration in business law?
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.
What is lawful consideration and object?
An object of a contract that is permitted by law and possible of performance
When and how the law started for the contract law that says consideration must be accompanied?
Contract law, specifically the principle of consideration, traces its origins to English common law in the 19th century. The landmark case of Currie v. Misa (1875) established that consideration is necessary for a contract to be enforceable, meaning that something of value must be exchanged between the parties. This requirement ensures that both parties have a mutual obligation, thus providing a basis for legal enforceability. Over time, the doctrine of consideration has been refined and remains a fundamental aspect of contract law in many jurisdictions.
Consideration meaning and difference between English law and Indian law?
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.
What is cosideration?
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.
What are the type of consideration under tanzania law?
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).
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
When can you prepare a 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.
What is preexisting contractual duty?
A preexisting contractual duty is a common law rule of contract. It is wherein a party's offer of a performance already required under an existing contract is an insufficient consideration for modification of the contract.
What does consideration mean in contract law?
A simplistic definition of 'consideration' is: something of value given by one party, in return for the performing of a contract, or for the promise to perform a contract, by the other party. (The full definition and analysis could run for several pages.)
