What is consideration

Word Origin late Middle English: via Old French from Latin consideratio(n-), from considerare ‘examine’. How do you know what the consideration is? What best describes a consideration? What is meant by present consideration?

Something of value given by both parties to a contract that induces them to enter into the agreement to exchange mutual performances.

Consideration is an essential element for the formation of a contract. It may consist of a promise to perform a desired act or a promise to refrain from doing an act that one is legally entitled to do. How to use consideration in a sentence.

Buoyancy is a major consideration. It is also something you should give about the use of a dictionary. Show consideration for other rail travellers.

Price was a major consideration in our choice of house. The concept has been adopted by other common law jurisdictions.

The technical requirement is either a detriment incurred by the person making the promise or a benefit received by the other person. In the legal system, the term consideration in contract law refers to something of value given to someone in return for goods , services , or some other promise. A valid contract must include consideration for every party involved.

In simple terms, consideration is the basic reason a party enters into a legal contract. To explore this concept, consider the following consideration definition. See full list on legaldictionary.

In order for a contract or agreement to be legally binding, every party to the contract must receive some type of consideration. In other words, a contract is a two-way street, so each party must receive something of value from the other party or parties. If one or more of these elements are missing, the contract lacks the necessary requirements, it could potentially be deemed invalid by the court. The required elements of consideration include: 1. The contract must include a bargain for the terms of the exchange. This means there must be something that is worth bargaining over to both the parties.

There must be a mutua. Most often, services or goods are exchanged or promised in a contract, though consideration may be whatever the parties agree to. A contract may be deemed invalid by a court if it lacks recognizable consideration.

Although the exchange of certain items or terms may seem like something valid on which to create a contract, not just anything meets the definition of consideration.

Some of the scenarios where a contract lacks consideration includes: 1. The agreement is more of a promise of a gift, rather than a contract 2. One of the parties involved was already legally obligated to perform as specified by the contract 3. Damages – A monetary award in compensation for a financial loss, loss of or damage to personal or real property, or an injury. Obligation – A promise or con. The legal definition of consideration is based on the concept of a “bargained-for exchange. Say, for example, that your neighbor admires your bicycle.

Definition: In common parlance, consideration refers to something paid to someone in return for something else. In legal terminology, it can be understood as the price or compensation which has to be paid by the promisee to the promisor for doing or not doing an act. Careful thought, typically over a period of time. At some time in the intervening perio careful consideration would have been given to the style and subject-matter of the figurehea which would also play a crucial part in the overall design of the ship. Even if the proposed changes were to result in a greater number of couples considering adoption, careful consideration would have to be given to the implications of allowing them to adopt.

CONSIDERATION Meaning: a beholding, looking at, also a keeping in min also contemplation, reflection, from Old French…. See definitions of consideration. Recall that a valid contract must include an exchange of value between the offeror and offeree.

The value should be the inducement or incentive for the other party entering into the agreement. That is , it must be the subject of the bargain between the parties. Synonyms: account, advisement, debate… Find the right word.

Without consideration , a contract cannot be enforced or is otherwise voidable (with only a very few exceptions). The exchange of value is interpreted broadly to not only include money, but property, a promise, doing something, or even not doing something. For example, if you sign a contract to sell someone your house for $1000 you cannot later void the contract if you find out the house is worth $20000.