What is consideration mean in law?
consideration, in contract law, an inducement given to enter into a contract that is sufficient to render the promise enforceable in the courts. The technical requirement is either a detriment incurred by the person making the promise or a benefit received by the other person.
What is meant by consideration ‘?
1 : careful thought : deliberation Give my idea some serious consideration. 2 : thoughtfulness for other people. 3 : something that needs to be thought over carefully before deciding or acting. 4 : a payment made in return for something.
What is consideration example?
“When at the desire of the promisor, the promisee or any other person has done or abstained from doing, or does or abstains from doing, or promises to do or abstain from doing something, such act or abstinence is called a consideration for the promisee.” This is a complex sentence.
What is my consideration?
Consideration is kindness and thoughtful regard for others, or an act of thoughtfulness. If you give something consideration, you think about it carefully, and not too quickly. When you’re making a tough decision, you need to give consideration to all possible outcomes before making up your mind.
What is good consideration?
A reason for doing something based on natural affection, generosity, love, or moral duty. This reason is insufficient to judge a commercial contract or promise enforceable as it lacks valid, valuable, and legal basis for the reason.
What are the 6 types of consideration?
The various types of consideration are (1) a promise, (2) an act other than a promise, (3) forbearance, (4) a change in a legal relation of the parties, (5) money, or (6) other property.
What are the 3 types of consideration?
Kinds of Consideration
- Executory Consideration or Future Consideration,
- Executed Consideration or Present Consideration, or.
- Past Consideration.
Is it in consideration of or for?
in consideration of and out of consideration for are both used.
What is good consideration contract law?
They must each receive a benefit and each suffer a detriment. This benefit or detriment is referred to as consideration. Consideration must be something of value in the eyes of the law – (Thomas v Thomas) (1842) 2 QB 851. This excludes promises of love and affection, gaming and betting etc.
What are the legal rules regarding consideration?
Legal Rules Regarding Consideration: Following are the rules as to consideration: Every contract must be supported by consideration: No valid contract can arise without consideration. According to Salmond A promise without consideration is a gift; one made with consideration is a bargain.
What constitutes valid consideration?
What Constitutes Valid Consideration. A promise which discharges an assignor from the claims that an assignee had against the assignor ; A title discharging assignee’s claims against an assignor for selling a mortgage without clearing the earlier mortgage; or A collateral deposit with a surety satisfying a contractor’s obligation…
What are four types of consideration?
Consideration. Something bargained for and received by a promisor from a promisee. Common types of consideration include real or personal property, a return promise, some act, or a forbearance. Consideration or a valid substitute is required to have a contract.
What is legally sufficient consideration?
Sufficient Consideration Law and Legal Definition. Sufficient consideration is a consideration deemed by law to be of sufficient value to support an ordinary contract between parties. It is also defined as a consideration that is sufficient to support a particular transaction.