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- Consideration abstract "Consideration is the concept of legal value in connection with contracts. It is anything of value promised to another when making a contract. It can take the form of money, physical objects, services, promised actions, abstinence from a future action, and much more. Consideration to create a legally enforceable contract entails a bargained for, legal detriment incurred by the promisee OR a legal benefit to the promisor. Under the notion of "pre-existing duties", if either the promisor or the promisee already had a legal obligation to render such payment, it cannot be seen as consideration in the legal sense.In common law it is a prerequisite that both parties offer consideration before a contract can be thought of as binding. The doctrine of consideration is irrelevant in many jurisdictions, although contemporary commercial litigant relations have held the relationship between a promise and a deed is a reflection of the nature of contractual considerations. If there is no element of consideration found, there is thus no contract formed.However, even if a court decides there is no contract, there might be a possible recovery under quantum meruit (sometimes referred to as a quasi-contract) or promissory estoppel.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.Additionally, if A signs a contract with B such that A will paint B's house for $500, A's consideration is the service of painting B's house, and B's consideration is $500 paid to A.Further, if A signs a contract with B such that A will not repaint his own house in any other color than white, and B will pay A $500 per year to keep this deal up, there is also consideration. Although A did not promise to affirmatively do anything, A did promise not to do something that he was allowed to do, and so A did pass consideration. A's consideration to B is the forbearance in painting his own house in a color other than white, and B's consideration to A is $500 per year.Conversely, if A signs a contract to buy a car from B for $0, B's consideration is still the car, but A is giving no consideration, and so there is no valid contract. However, if B still gives the title to the car to A, then B cannot take the car back, since, while it may not be a valid contract, it is a valid gift.There are a number of common issues as to whether consideration exists in a contract.".
- Consideration wikiPageExternalLink 20.html?stem=0&synonyms=0&query=title%28australian%20woollen%20mills%20and%20commonwealth%20%29.
- Consideration wikiPageExternalLink 030109.htm.
- Consideration wikiPageID "10698861".
- Consideration wikiPageRevisionID "606389270".
- Consideration hasPhotoCollection Consideration.
- Consideration subject Category:Contract_law.
- Consideration subject Category:Legal_doctrines_and_principles.
- Consideration comment "Consideration is the concept of legal value in connection with contracts. It is anything of value promised to another when making a contract. It can take the form of money, physical objects, services, promised actions, abstinence from a future action, and much more. Consideration to create a legally enforceable contract entails a bargained for, legal detriment incurred by the promisee OR a legal benefit to the promisor.".
- Consideration label "Consideration".
- Consideration label "Entgelt".
- Consideration label "Встречное удовлетворение".
- Consideration label "对价".
- Consideration label "約因".
- Consideration sameAs Entgelt.
- Consideration sameAs 約因.
- Consideration sameAs m.02qml3v.
- Consideration sameAs Q1344851.
- Consideration sameAs Q1344851.
- Consideration wasDerivedFrom Consideration?oldid=606389270.
- Consideration isPrimaryTopicOf Consideration.