What do you mean by consideration?
noun. the act of considering; careful thought; meditation; deliberation: I will give your project full consideration. something that is or is to be kept in mind in making a decision, evaluating facts, etc.: Age was an important consideration in the decision.
What is consideration example?
noun. The definition of consideration is careful thought or attention or compassionate regard for someone or something. An example of consideration is someone deciding between two options for dinner. An example of consideration is someone bringing a friend dinner who just had a baby.
What is the importance of consideration in a contract with example?
Consideration basically refers to the exchange of items or services of value. For instance, for a contract for a sale of goods such as apples, the party receiving the apples needs to exchange something of value for the apples. This usually comes in the form of monetary payment.
What are the types of consideration?
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.
What is a good consideration?
Consideration founded on natural affection, generosity, love, or moral duty. Such consideration is not enough to make a commercial contract or promise enforceable because of the lack of a valid (valuable and legal) consideration. See also valuable consideration.
What are the three requirements of consideration?
Each party must make a promise, perform an act, or forbear (refrain from doing something). 2.) Each party’s promise, act, or forbearance must be in exchange for a return promise, act, or forbearance. 3.)
How do you use consideration?
Examples of consideration in a Sentence
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 careful consideration?
uncountable careful thought before making a decision or judgment about something. give consideration to something: We have given careful consideration to your claim for compensation.
What is an example of consideration in a contract?
Anything of value promised by one party to the other when making a contract can be treated as “consideration”: for example, if A signs a contract to buy a car from B for $5,000, A’s consideration is the $5,000, and B’s consideration is the car.
What are the legal rules of consideration?
Rules Governing Consideration in Contracts
- Consideration must Move at the Desire of the Promisor.
- Consideration may Move front the Promisee or any other Person.
- Consideration may be Past, Present or Future.
- Consideration need not be Adequate.
- Consideration must not be Illusory but should be Real.
What is the function of consideration in a contract?
In addition to providing evidence that a contract exists, consideration also has the cautionary function of guarding the promisor against ill-considered action; the deterrent function of discouraging transactions of questionable utility; and a channelling function of enabling interested persons to distinguish …
What are the six types of consideration?
Types of Consideration
- Money.
- Services.
- Personal property.
- Real property.
- Promise to act.
- Promise to refrain from acting.
What are the principles of consideration?
Consideration must be profited, which is lawfully adequate, or a guarantee to do or not to do something. A Consideration must be haggled by the getting party with a specific end goal to make it enforceable under law.