consideration (2024)

FAQs

How do you answer a consideration question? ›

You would define consideration and explain how it is an essential ingredient of a contract. You would then hopefully identify that the issue lay in the area of past consideration. You should define past consideration and the exceptions to the rule, citing any relevant case law.

Consideration is a promise, performance, or forbearance bargained by a promisor in exchange for their promise. Consideration is the main element of a contract. Without consideration by both parties, a contract cannot be enforceable.

Example: A company promises to pay an employee $50,000 per year in exchange for the employee's work. The employee's work is the consideration in this contract. If the company fails to pay the employee, the employee can take legal action to enforce the contract.

Consideration is something of value exchanged between the parties to a contract. Consideration can be many things such as money, property, service, work performance, or a promise to not do something. As long as the parties to the contract exchange something of value between each other, there is consideration.

to think carefully about a particular fact when deciding or judging something : It may be fairly cheap to buy, but you've got to take into consideration the money you'll spend on repairs.

Adequate consideration in contract law means that the value being exchanged is agreed upon and reasonable. The terms and value of the agreement must be clear and understood by all participating parties.

The question of consideration is one of the methods available to the House that enables it to determine its agenda on a particular day. The rules provide that when any motion or proposition is made, a Member may de- mand the question ''[w]ill the House now consider it?

"Thank you for your consideration," is a letter closing phrase that means that you're thanking the recipient for receiving, reading, and thinking about your message. It's also a formal phrase that entails respect and conveys the style you use to send your business letters.

You should give some serious consideration to your retirement plans. After careful consideration, he agreed to their requests. Show some consideration and turn down that radio. Finding a house close to work was an important consideration for them.

What is a sufficient cause or consideration? ›

Sufficient cause, or good cause, refers to a legal determination that there exists sufficient reason to support a case or decision.

The term “sufficiency” describes something that the courts can see of value that makes the bargain binding, whilst “adequacy” may describe the full value of something. Hence, the law requires consideration to be something of sufficient value, but not necessarily the full or adequate market value.

Being considerate also means making sacrifices on occasion. Goes ahead, shows goodwill and jumps over your own shadow. This is regularly revealed when things seem to be taken for granted : for example, filling up the toilet paper . Or leave the office kitchen clean and empty the dishwasher.

Say what you mean and do what you say. Listen and pay attention to the things they say and do. Ask them questions and be genuinely interested in the answers. That information will tell you the best way to show them consideration.

The main types of consideration in contract law are: 1) Executory consideration, which is an exchange of promises between parties; 2) Executed consideration, where one party performs an act in exchange for a promise by the other party; 3) Past consideration, which is generally not valid as it refers to acts performed ...

The question of consideration is one of the methods available to the House that enables it to determine its agenda on a particular day. The rules provide that when any motion or proposition is made, a Member may de- mand the question ''[w]ill the House now consider it? '' Rule XVI clause 3. Manual §778.

Example 1 – Doing something

Peter and John enter into a contract where Peter promises to deliver 15 curtains to John in one month's time. Also, John promises to pay Peter an amount of Rs 3,000 on delivery. In this contract, John's promise to pay Rs 3,000, on delivery, is the consideration for Peter's promise.

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.