consideration must be "something of legally sufficient value" and may consist of the following: 1) A promise to do something that one has no prior legal duty to do. A consideration is an essential element in contract formation. If you are asking for special consideration for something based on extenuating circumstances such as a medical issue, providing evidence in the form of a doctor’s note may help. provide security was binding. Consideration must also be bargained-for, meaning there is an exchange of promise and something of value where both parties gain a reward and receive a detriment in the contract. Consideration is kindness and thoughtful regard for others, or an act of thoughtfulness. The carrying out of a specific act. Rules for Consideration. b. However, carrying out an existing duty is not consideration, though doing something more could be. Consideration – Something of legal value is exchanged between the parties Types of consideration o Benefit to the promisor (money, good, service) (most common) o Detriment to the promisee (promise not to do something) o Promise to do something o Promise not to do something Exception: Promissory Estoppel Ex. Menu ... the consideration must be something that the promisee, to his or her detriment or loss, is giving up, or something … As with every part of a legal contract, there are rules that you need to follow to make sure that the contract is legally binding. enforce the debt, but this was not done here. This is the British English definition of in consideration of something.View American English definition of in consideration of something.. Change your default dictionary to American English. Antonyms for consideration. A consideration does not have to be money. : The most important basic consideration for shades and blinds is proper measuring of the window. Something of value given by both parties to a contract that induces them to enter into the agreement to exchange mutual performances. 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. n. 1. Consideration. Related Content. both parties must get something out of the contract), and (iii) the exchange must be something of value. Consideration. : The big problem is with those muppets who go out in their 4x4s and do not have any rules, consideration or code of conduct at all. If one party has consideration and the other does not, the contract may not be upheld if it is challenged in court. 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. The courts are concerned with the consideration and not their adequacy, provided it is of some value. For more about consideration, see Practice note, Contracts: formation: Consideration. Something of value given by both parties to a contract that induces them to enter into the agreement to exchange mutual performances. Consideration is an essential element for the formation of a contract. This ‘something in return’ need not necessarily be equal in value with “something given”. Let’s look at some examples: Example 1 – Doing something By not suing, however, the bank. (‘cause and consideration: a study paralled, Markesinis (1978) 37 cambridge lane journal 53) Forbearing to sue someone can be consideration if the action was honestly thought to be valuable. consideration. Examples of consideration can include: Something that the promise will give to the promisor. It was held that normally in such a case, the bank would promise not to. A one sided promise which is not supported by consideration is a gift. Executed consideration takes the form of performing an act rather than a promise of performance. In consideration of definition at Dictionary.com, a free online dictionary with pronunciation, synonyms and translation. 4 n-count A consideration is something that should be thought about, especially when you are planning or deciding something. Synonyms for consideration in Free Thesaurus. Take (something) into consideration definition is - to think about (something) before one makes a decision or forms an opinion. In simple terms, consideration is the basic reason a party enters into a legal contract. The judge had directed the jury to consider whether the material under consideration was repulsive, filthy, loathsome and lewd. Consideration is an essential element for the formation of a contract. Consideration is an English common law concept within the law of contract, and is a necessity for simple contracts (but not for special contracts by deed).The concept of consideration has been adopted by other common law jurisdictions, including the US.. There are a few requirements an agreement has to meet in order to be considered valid from a legal standpoint. 3 Simply stating that you should be considered for something is worthless without explaining why. A consideration is a legal term used to describe the exchange of something of value for something else or for a service. Consideration is sometimes classified into 'executed' and 'executory' consideration; either is sufficient. It does not state how much consideration must be there. In the legal system, the term consideration in contract law refers to something of value given to someone in return for goods, services, or some other promise. Vocabulary exercises help you to learn synonyms, collocations and idioms. The law simply requires consideration. Definition and synonyms of in consideration of something from the online English dictionary from Macmillan Education.. Define in consideration of. Consideration must be something of value in the eyes of the law - (Thomas v Thomas) (1842) 2 QB 851. Dictionary ! A valid contract must include consideration for every party involved. 3) The refraining from an action that one has a legal right to undertake (called a forbearance Not doing something that the promise had the legal right to do. had shown forbearance and this was valid consideration, so the agreement to. Executory consideration consists of a promise to do something. 2. How to use take (something) into consideration in a sentence. Intermediate and Advanced level grammar practice with progress tests. Find more ways to say given due consideration, along with related words, antonyms and example phrases at Thesaurus.com, the world's … 2) The performance of an action that one is otherwise not obligated to undertake. This excludes promises of love and affection, gaming and betting etc. Consideration requires (i) a bargain regarding terms of an exchange, (ii) a mutual exchange between the parties (i.e. The other important factor regarding considerations is that you do not have to meet someone else's standard of value. Does something (in the past, present or future) OR; Abstains from doing something (in the past, present or future) Then, this act of doing or abstinence is called Consideration. Now, it has two aspects, either doing some act or abstaining from doing something. The law does not enforce gifts unless they are made by deed. A legally binding contract needs three main elements: an offer, consideration, and acceptance. Another word for given due consideration. Search with due consideration and thousands of other words in English definition and synonym dictionary from Reverso. Treating others as you would have them treat you (the Golden Rule) is one example of consideration. Consideration. 3 people chose this as the best definition of consideration: The definition of conside... See the dictionary meaning, pronunciation, and sentence examples. Careful thought; deliberation: We will give your proposal consideration. tion (kən-sĭd′ə-rā′shən) n. 1. a. Find more similar words at wordhippo.com! Collins v Godefroy (1831) For a contract to be valid, both parties to the contract usually need to have "consideration." Several examples of consideration are as follows: Being granted shares in a business in exchange for providing unpaid se Synonyms for giving consideration to include considering, as, for, now, seeing, since, after, given, granted and because. Consideration is something in return. Legal consideration is something of value which is structured into a legal contract. It must be of value to both parties entering into a transaction . Thus, consideration is a promise of something of value given by a promissor in exchange for something of value given by a promisee; and typically the thing of value is goods, money, or an act. Forbearance to act, such as an adult promising to refrain from smoking, is enforceable only if one is thereby surrendering a legal right. One of the main components is called “consideration.” It’s the simple idea that you can’t get something for nothing (or at least that you don’t need a contract for it). Consideration is a payment made by one party to another in exchange for the transfer of something of value. A result of considering; an opinion or a judgment: Is it your consideration that I should apply? Conversely, agreeing to do something that is otherwise legally required, is not adequate consideration to a contract. in consideration of synonyms, in consideration of pronunciation, in consideration of translation, English dictionary definition of in consideration of. usu supp N (=factor) A major consideration when choosing a dog is the size of your house and garden. Originally it meant to examine something very thoroughly, or carefully, as if you were staring at the night sky, contemplating its mystery. The doctrine of consideration is based upon the idea that a promisee must give or promise to give something in return for the promise or unless the promisor has obtained or been promised something in return. Payment, in any form, under a contract; any value given at the counterparty’s request can be good consideration, including any action, inaction, or a promise. Look it up now! Consideration meaning in law. 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