What is consideration

What is a valuable consideration? It may consist of a promise to perform a desired act or a promise to refrain from doing an act that one is legally entitled to do. Word Origin late Middle English: via Old French from Latin consideratio(n-), from considerare ‘examine’. Definition of consideration.

After long consideration he agreed to their requests.

Basically the law doesnt enforce gratuitous promises, so there must be a benefit and a detriment to both sides. I contract with you for the. You need to consider the speed that the pulley wheel(s) are likely to be running at and what bearing type you want. Cash considerations are just cash. Teams use cash to sweeten trades.

The concept has been adopted by other common law jurisdictions. The technical requirement is either a detriment incurred by the person making the promise or a benefit received by the other person.

Thus, the person seeking to enforce the promise must have pai or bound himself to pay, money, parted with goods, spent time in labour, or foregone some profit or legal right. All rights reserved. In contract law consideration is concerned with the bargain of the contract. A contract is based on an exchange of promises.

Each party to a contract must be both a promisor and a promisee. They must each receive a benefit and each suffer a detriment. This benefit or detriment is referred to as consideration. Guidance on determining the liability of the supply of goods or services effected for a consideration. Roles and responsibilities.

Basic principles and underlying law. Show consideration for other rail travellers. Price was a major consideration in our choice of house. In legal terminology, it can be understood as the price or compensation which has to be paid by the promisee to the promisor for doing or not doing an act.

Hopefully there would be some wonderful moments - instances of consideration and thoughtfulness and kindness. It means something return. It is the price paid for the contract.

Drawing out the subtlety of this statement: If there is a promisee, there must already be a promisor. Without consideration , a contract cannot be enforced or is otherwise voidable (with only a very few exceptions). Consideration : is an essential element to make a contract. Treating others as you would have them treat you (the Golden Rule) is one example of consideration. The verb consider comes from the Latin for contemplate, and hidden in the word is si, the Latin root for star.

One party receives consideration from the other party in return for their act or promise. For example, a client employs a builder to landscape the garden of the family home. CONTRACT in exchange for something of value received. The consideration is an exchanging the value to value. Legal consideration is something of value which is structured into a legal contract.

The exchanging the money for goods or services is commonly used. For a contract to be vali both parties to the contract usually need to have consideration. Mere inadequacy of consideration is not a sufficient reason to justify rescission.