|
|
 |
|
|
CONSIDERATION IN A CONTRACT by Alice Ken
|
|
|
CONSIDERATION IN A CONTRACT |
|
|
|
|
|
Education,Law,Writing
|
|
|
CONSIDERATION IN A CONTRACT Every party in a contract must give something valuable that attracts the other party to a contract, this valuable something is known as consideration. In a contract, consideration is exchanged with another consideration. The contract may be termed as unenforceable due to the failure of the consideration. Consideration is as a result of either a promise to do something or a promise not to do something. A contract is deemed to be legally binding. Consideration is the benefit which is argued between the concerned parties. In other words, consideration is what one gives in the deal to get out of the deal. In every contract, there are promisor and promise where each receives a benefit and each also suffers a detriment. Consideration is one of the elements of the contract. It must be of value to one party and it is normally exchanged for a promise in the eyes if the law. Precisely consideration does not have to be money but should be something of value like an object or service. The consideration must not be passed and must move from the promise. In addition, consideration must be enough and the existence of public duty will not lead to a valid consideration. Payment of a debt is not a good consideration. However, the part payment can be a good consideration if the payment was made earlier, where the payment was made by the third party and where the claim is unqualified. The consideration is vital in a contract because for a contract to be termed as enforceable both parties must take part. Consideration is the center of the participation in both parties. consideration in a contract is equal to a reason that makes the contract enforceable.
Related Articles -
CONSIDERATION, IN, A, CONTRACT,
|
Rate This Article  |
|
|
|
|
|
Do you Agree or Disagree? Have a Comment? POST IT!
| Reader Opinions |
|
|
|
|
|
|
|
|
|
| Author Login |
|
|
 |
Advertiser Login
ADVERTISE HERE NOW!
Limited Time $60 Offer!
90 Days-1.5 Million Views
|
|
TIM FAY
After 60-plus years of living, I am just trying to pass down some of the information that I have lea...more
|
|
|
|
|
LAURA JEEVES
At LeadGenerators, we specialise in content-led Online Marketing Strategies for our clients in the t...more
|
|
|
|
|
ALEX BELSEY
I am the editor of QUAY Magazine, a B2B publication based in the South West of the UK. I am also the...more
|
|
|
|
|
GENE MYERS
Author of four books and two screenplays; frequent magazine contributor. I have four other books "in...more
|
|
|
|
|
SUSAN FRIESEN
Located in the lower mainland of B.C., Susan Friesen is a visionary brand strategist, entrepreneur, ...more
|
|
|
|
|
STEPHEN BYE
Steve Bye is currently a fiction writer, who published his first novel, ‘Looking Forward Through the...more
|
|
|
|
|
SHALINI MITTAL
A postgraduate in Fashion Technology. Shalini is a writer at heart! Writing for her is an expression...more
|
|
|
|
|
ADRIAN JOELE
I have been involved in nutrition and weight management for over 12 years and I like to share my kn...more
|
|
|
|
|
JAMES KENNY
James is a Research Enthusiast that focuses on the understanding of how things work and can be impro...more
|
|
|
|
