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An object of a contract that is permitted by law and possible of performance
there are only two types which are executory consideration and executed consideration as provided under section 2(1)(d) law of contract act(cap 345 r.e 2002).
the significance of consideration in law of contract is that it sets a value of exchange to the agreement between the parties
you can prepare a contract if and only if there is a valid offer and an acceptance supported by a consideration. in proerty law you prepare a contract at the completion of offer acceptance, investigation of title and exchange of sale price.
A preexisting contractual duty is a common law rule of contract. It is wherein a party's offer of a performance already required under an existing contract is an insufficient consideration for modification of the contract.
1. Consideration must move at the desire of the promisor-The act or forbearance must be done at the desire or request of the promisor. If it is done without his request or at the request of a third party it will not be a valid consideration. 2. Consideration need not be adequate but must be sufficient-It is not necessary that there must be full return for the promise. There must be something rather than nothing. The law has left the quantum of consideration to be decided by the respective parties. Thus, the law will not object to the inadequacy of consideration.The law will not enforce a promise even if it is without consideration. 3. Past consideration is not consideration 4. Forbearance to sue may be good consideration 5. Performance of existing duties. A person who has not provided consideration cannot sue to enforce a promise.
A simplistic definition of 'consideration' is: something of value given by one party, in return for the performing of a contract, or for the promise to perform a contract, by the other party. (The full definition and analysis could run for several pages.)
Lord Denning's view on consideration was that the courts should not be too strict in requiring consideration in contract law to uphold agreements that are fair and just. Some legal scholars agree with this perspective, while others argue that consideration is an essential element in forming a valid contract. Ultimately, the interpretation of consideration may vary depending on the specific jurisdiction and context.
Consideration is the Promise or Performance that flows between the parties to a contract. It is also called legal detriment.
In contract law, consideration is the benefit received by each party in a contract. It must move from the promisee to the promisor, meaning that the promisee must provide something of value in exchange for the promise made by the promisor for the contract to be legally binding. This ensures that both parties are giving and receiving something in the agreement.
A contract is defined in law as an agreement between two parties with an offer, acceptance, and consideration.
No. An option contract requires consideration for the option. Absent consideration for the option, the offer may be withdrawn at any time.