- published: 31 Jan 2016
- views: 14868
Consideration is the concept of legal value in connection with contracts. It is anything of value promised to another when making a contract. It can take the form of money, physical objects, services, promised actions, abstinence from a future action, and much more. Under the notion of "pre-existing duties", if either the promisor or the promisee already had a legal obligation to render such payment, it cannot be seen as consideration in the legal sense.
In common law it is a prerequisite that both parties offer some consideration before a contract can be thought of as binding.
However, even if a court decides there is no contract, there might be a possible recovery under quantum meruit (sometimes referred to as a quasi-contract) or promissory estoppel.
Consideration as defined is the interest, profit, and benefit accruing to one party involved as a payment for the consideration.
If A signs a contract to buy a car from B for $5,000, A's consideration is the $5,000, and B's consideration is the car.
I don't think that kindness is a weakness
I don't have a problem with compassion
Tell me what you're thinking? Would you like to be so high?
Could you give consideration to something that you did not realize? Yeah
Would you close your ears to the things you did not believe?
Tell me would you be strong? Would you be the one to carry on?
Tell me would you be strong? Would you be one to carry on
I don't think that kindness is a weakness
I don't have a problem with compassion
Would you close your ears to the things you did not believe?
Tell me would you be strong? Would you be the one to carry on?
Tell me would you be strong? Would you be one to carry on
Half don't come here, half don't come here
Half don't come here, so I do
It's gonna be alright
It's gonna be alright
It's gonna be alright