How is consideration defined in law?

Something bargained for and received by a promisor from a promisee. Common types of consideration include real or personal property, a return promise, some act, or a forbearance. Consideration or a valid substitute is required to have a contract. business law.

What is a simple definition of consideration?

consideration. n. 1) payment or money. 2) a vital element in the law of contracts, consideration is a benefit which must be bargained for between the parties, and is the essential reason for a party entering into a contract.

How does treitel define a contract?

Treitel defined an offer as “an expression of willingness to contract on certain terms, made with the intention that it shall become binding as soon as it is accepted by the person to whom it is addressed” (Treitel, 11th edition, page 8).

What is consideration English law?

Consideration is “something of value” which is given for a promise and is required in order to make the promise enforceable as a contract. This is traditionally either some detriment to the promisee (in that he may give value) and/or some benefit to the promisor (in that he may receive value).

What is meaning of consideration in court case?

n. 1) payment or money. 2) a vital element in the law of contracts, consideration is a benefit which must be bargained for between the parties, and is the essential reason for a party entering into a contract.

What is consideration in law with example?

When we say that consideration is an act it acquires an affirmative tone. For example A promise to pay ` 10,000 to B if B will sell his mobile to him. It means one party agree not to do something in lieu of the promise of other party of the contract.

What are three definitions of consideration?

1 : careful thought : deliberation Give my idea some serious consideration. 2 : thoughtfulness for other people. 3 : something that needs to be thought over carefully before deciding or acting. 4 : a payment made in return for something.

What is invitation to treat?

An invitation to treat is when you invite someone to make an offer. It is described as merely delivering information to tempt the other party to make an offer.

What is good consideration law?

To be good consideration, it must have some value, even though it is very small value. Which mean that when the parties exchange the value, so exchanging the value, it has to be sufficient but need not to be adequate.

What is consideration law teacher?

The consideration of contract can be described as the ‘badge of enforceability’. A simple definition of consideration is as follows – an exchange between the parties which results in a benefit to one party, and a detriment to the other.

What is the meaning of consideration in contract law?

In contractual terms the meaning of consideration is much different to that in real life. There are many definitions for consideration. Consideration is the ‘agreed equivalent and inducing cause of the promise (pg 119, contract law purple book). It is the price for which the promise of the other is bought (law of contract, pg 60).

Which is the best definition of the doctrine of consideration?

It is the price for which the promise of the other is bought (law of contract, pg 60). Traditionally, the doctrine of consideration has been defined as either a detriment to the promisee or a benefit to the promisor.

How is Treitel defined in the law of contract?

Treitel in The Law of Contract defines a contract as: an agreement giving rise to obligations which are enforced or recognised by law. The factor which distinguishes contractual from other legal obligations is that they are based on the agreement of the contracting parties.

Is the doctrine of consideration narrower in the US?

The doctrine is narrower in the US ‘nothing is consideration that is not regarded as such by both parties (philpots v Gruniger 1872). When compared to the US law, the English definition of consideration seems more accurate. The US law needs a wider doctrine of promissory estoppel.