Executed consideration refers to something that has already been given or done in exchange for a promise. This can include an act, a forbearance, or a return promise that motivates someone to engage in a legal act. For an agreement to be enforceable, consideration is necessary. It must be fair and reasonable given the circumstances of the agreement. However, past consideration, which is something given, done, or suffered in the past that supposedly supports a subsequent promise, is not considered valid consideration. Valuable consideration, on the other hand, refers to something of value given or promised by one party in exchange for the promise of the other. In parliamentary law, consideration is the process by which a deliberative assembly disposes of a motion.
Executed consideration in contract law refers to consideration that has already been given. Consideration is the exchange of something valuable between parties in a contract, such as an act, forbearance, or return promise. Executed consideration differs from executory consideration, which is consideration promised to be given in the future. For instance, if John promises to pay Jane $500 for painting his house and Jane has already completed the painting, the consideration is considered executed. Jane’s act of painting the house is the executed consideration, while John’s promise to pay $500 is his consideration. Another example of executed consideration is when a person pays for a product or service. The payment made is the executed consideration, while the product or service received is the consideration given by the other party.
Executed consideration refers to a promise that has been fulfilled or a contract that has been performed. It means that both parties have completed their obligations under the contract.
Once consideration has been executed, it cannot be revoked. Both parties have already fulfilled their obligations, and the contract is considered complete.
If one party fails to provide executed consideration as promised, it may be considered a breach of contract. The other party may have legal remedies available, such as seeking damages or specific performance.
Yes, executed consideration is necessary for a valid contract. It ensures that both parties have provided something of value and have fulfilled their obligations.
No, executed consideration can take various forms, including money, goods, services, or even a promise to do or refrain from doing something.
Yes, executed consideration can be provided by a third party if the contract allows for it. However, the consent of all parties involved is usually required.
No, executed consideration must be provided after the contract is formed. It is a result of the agreement between the parties.
No, executed consideration cannot be in the form of a past act. Consideration must be given in exchange for a promise, and a past act does not fulfill this requirement.
In some cases, executed consideration can be substituted with another form of consideration if both parties agree to the change. However, it is important to ensure that the substituted consideration is still of value and meets the requirements of a valid contract.
Executed consideration cannot be waived or modified without the agreement of both parties. Any changes to the executed consideration would require a new agreement or contract.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 17th April 2024.
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