Legal consideration is the exchange of something valuable between parties in an agreement. This can be an action, refraining from an action, or a promise. Consideration is essential for an agreement to be legally binding. It must be fair and reasonable, and cannot be illegal or immoral. Past consideration, which is something given or done in the past, is not considered valid. Valuable consideration is something that is valuable to one or both parties, and can involve gain or loss. In parliamentary law, consideration refers to the process of discussing, amending, and referring a motion in a deliberative assembly.
Legal consideration is the exchange of something valuable between parties in a contract, which can be an act, a promise, or a forbearance. It is a necessary element for a contract to be enforceable. For instance, if you agree to pay $100 to someone for mowing your lawn, the $100 payment serves as the legal consideration for the act of mowing the lawn. Failure to provide the agreed-upon consideration by either party may render the contract unenforceable. It is important to emphasize that consideration must involve something of value. For example, if you promise to mow someone’s lawn out of kindness, that promise does not qualify as legal consideration since it lacks an exchange of value.
Legal consideration refers to something of value that is exchanged between parties in a contract. It can be money, goods, services, or even a promise to do or refrain from doing something.
Yes, legal consideration is a fundamental requirement for a contract to be enforceable. Without consideration, a contract is generally considered to be a gift or a gratuitous promise, which is not legally binding.
Yes, consideration can be in the form of a promise. For example, if Party A promises to deliver goods to Party B in exchange for Party B’s promise to pay a certain amount, both promises constitute valid consideration.
Yes, consideration does not have to be substantial or equal in value. As long as there is some exchange of value, even if it is minimal, it can be considered legal consideration.
No, consideration must be present or future. Past consideration, which refers to something that has already been done or given before the contract was made, is generally not considered valid consideration.
No, consideration must be legal and not against public policy. If the consideration involves illegal activities or goes against public interest, the contract may be deemed void or unenforceable.
Yes, consideration can also be in the form of a promise to refrain from doing something. For example, if Party A promises not to compete with Party B’s business in exchange for Party B’s promise to provide training, both promises constitute valid consideration.
No, consideration must be exchanged between the parties who are directly involved in the contract. Consideration cannot be provided by a third party who is not a party to the contract.
Yes, consideration can be in the form of a benefit to a third party. For example, if Party A promises to pay Party B a certain amount in exchange for Party B providing services to Party C, the benefit received by Party C can be considered valid consideration.
Yes, consideration can be modified or altered after the contract is formed, as long as both parties agree to the changes. However, any modification to the consideration should be supported by new consideration to make the modification legally binding.
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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