Meaning of value received: This refers to the act of receiving something in return for something else. It is commonly utilised in legal paperwork such as invoices or promissory notes to indicate a mutually beneficial transaction or exchange between two parties.
The phrase “value received” is commonly used in a bill of exchange or promissory note to indicate that consideration has been delivered. For example, if John borrowed $500 from Jane and signed a promissory note, the inclusion of the phrase “value received” would indicate that John received $500 from Jane as consideration for the loan. This demonstrates that John received something of value in exchange for his promise to repay the loan, which is a crucial aspect of a valid contract.
“Value received” refers to the consideration or benefit that one party receives in exchange for entering into a legal agreement or transaction. It can include money, goods, services, or any other form of valuable consideration.
Yes, “value received” is a necessary element in a contract. For a contract to be legally enforceable, both parties must provide some form of consideration or value in exchange for the promises made in the contract.
Yes, “value received” can be something other than money. It can include goods, services, property, or any other form of valuable consideration that the parties agree upon.
If one party fails to provide the agreed-upon “value received” as promised in a contract, it may be considered a breach of contract. The non-breaching party may be entitled to seek legal remedies, such as damages or specific performance, depending on the circumstances.
Yes, “value received” can be unequal between the parties in a contract. As long as both parties agree to the terms and willingly enter into the contract, the law generally allows for unequal consideration.
Yes, “value received” can be determined after the contract is formed. Parties may agree to a contract where the exact value or consideration will be determined at a later date or based on certain conditions.
Yes, “value received” is essentially the same as “consideration.” Both terms refer to the benefit or value that each party provides in a contract.
Yes, “value received” can be in the form of a promise to perform an action. Promises to perform certain actions or obligations can be considered valuable consideration in a contract.
Yes, parties to a contract can waive or modify the requirement of “value received” as long as they mutually agree to do so. However, it is important to consult with a legal professional to ensure that any modifications or waivers are valid and enforceable.
No, “value received” is not necessarily the same as “fair market value.” While fair market value may be used to determine the value of certain assets or considerations, “value received” in a legal context refers to the overall benefit or consideration provided by each party in a 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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