Meritorious consideration refers to something valuable that is offered or pledged by one party in exchange for a promise from the other party. This can take the form of an action, refraining from an action, or a reciprocal promise that encourages someone to participate in a legally binding agreement. Meritorious consideration is essential for an agreement to be legally enforceable. It is also referred to as good consideration and should not be confused with nominal consideration, which is of such minimal value that it does not correspond to the worth of the exchanged items.
Meritorious consideration is a form of consideration that is rooted in natural love or affection, or in moral obligation. It serves as a motivating factor for a person to take action, particularly to participate in a legal transaction. While meritorious consideration is not sufficient for the enforcement of a contract, it is sometimes referred to as good consideration. For instance, if a father promises to gift his son a car without the son providing anything in return, the promise is based on the father’s natural love and affection for his son, which exemplifies meritorious consideration. Although this type of consideration is not legally binding, it can be used to explain the rationale behind a promise or agreement.
Meritorious consideration refers to a valuable benefit or advantage that is given in exchange for a promise or performance. It can include money, property, services, or any other form of consideration that has value.
Yes, for a contract to be legally binding, there must be meritorious consideration exchanged between the parties involved. Without consideration, a contract may be considered void or unenforceable.
Yes, meritorious consideration can include intangible benefits such as goodwill or reputation. As long as it has value and is agreed upon by the parties involved, it can be considered meritorious consideration.
Yes, a contract can still be enforceable even if the meritorious consideration is not equal between the parties. However, in some jurisdictions, grossly unequal consideration may be considered unconscionable and could potentially render the contract unenforceable.
No, past consideration is generally not considered meritorious consideration. For a contract to be valid, consideration must be given in exchange for a promise or performance at the time the contract is made.
No, a contract cannot be formed without meritorious consideration. Both parties must provide something of value in order for the contract to be legally binding.
Yes, a promise to do something in the future can be considered meritorious consideration. As long as the promise has value and is agreed upon by the parties involved, it can be considered valid consideration.
No, a contract with illegal meritorious consideration is generally unenforceable. Contracts that involve illegal activities or consideration are against public policy and will not be upheld by the courts.
Yes, meritorious consideration can be waived or modified after a contract is formed, as long as both parties agree to the changes. However, it is advisable to document any modifications or waivers in writing to avoid potential disputes.
Yes, if one party fails to provide the meritorious consideration promised, the other party may have grounds to void the contract or seek legal remedies. However, the specific circumstances and applicable laws will determine the available options for the aggrieved party.
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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