in contract law, consideration can be defined as

Consideration is the bargained-for exchange of a "legal detriment" between the contracting parties. He said: " A valuable consideration, in the sense of the law, may consist either in some right, interest, profit or benefit accruing to the one party, or some forbearance, detriment, loss or responsibility, given, suffered . The definition of 'Consideration' under . Since the law of contracts is at the heart of most business dealings, it is one of the three or four most significant areas of legal concern and can . Consideration is defined under Section 2d of the Indian Contracts Act, 1872. However this is not something that can affect the validity of the consideration. A contract is defined as an agreement between two or more parties that is enforceable by law. "Consideration" must have a value that can be objectively determined. Consideration. Some are formal, some informal. a mortgage with a bank) •An implied contract is a contract that is implied, or inferred by the parties' conduct. Excluded cases include: (a) contracts on a bill of exchange, promissory note or other negotiable instrument; (b) the statutory contract binding a company and its members under s 39 of the Companies Act (Cap 50, 2006 Rev Ed) ; (c) limited liability partnership agreements as defined under the Limited Liability Partnerships Act (Cap 163A, 2006 Rev . consideration. The legal term for this promise is "consideration". Consideration may move from promise or any other person: According to Indian law, consideration may move from promise or any other person. A simple contract is simply defined as a contract that is not formal. Definition (2) • Note: - Consideration is traditionally needed not just for a new contract to be formed but also for making effective an agreement to vary or discharge an existing contract; - Consideration need not benefit promisor; it can consist simply of some detriment to promisee or some benefit to third party: Promises to exchange money, goods, or services are forms of consideration. ⇒Consideration must be made at time the contract is made, never before ⇒ Past consideration is where one party provides a promise or acts before the other party's promise is given See, for example, Roscorla v Thomas (1842) ⇒ Exception to the 'past consideration' rule: Lord Scarman said in Pao On v Lau Yiu Long [1980] that "an act done before the giving of a promise to make a payment . This definition has two major elements in it viz - "agreement" and "enforceable by law". 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. Consumer Law including Acts, has restricted their use in consumer contracts, that is a contract betwee a business and a consumer e.g. Elements Basic Rule: Contract = Promise + Consideration 1. ontract: ^A promise or set of promises for the breach of which the law gives a remedy _ (R2K §1) a) Consideration (performance or a return promise) must be bargained for (R2K §71.1) Some are verbal, some written. Basic Consideration (Bargain Theory) A. Under common law and as codified by the Cyprus Contracts Law, Chapter 149, Contract law can be . See section 2 (h) of the Contract Act, 1872 defines contract as an agreement enforceable by law, under section 10 all agreements are contracts if made by free consent and by a competent person. Under classical contract theory, consideration is required for a contract to be enforceable. Agreeing to a "legal detriment" means agreeing to do something that one is not obligated to do or to agree to refrain from doing something that one has the legal right to do. Its main characteristic is that the promissor must give a promise of something that is of value, and the promisee must give something of value in exchange. Basic Rule: Contract = Promise + Consideration 1. ontract: ^A promise or set of promises for the breach of which the law gives a remedy _ (R2K §1) a) Consideration (performance or a return promise) must be bargained for (R2K §71.1) Consideration must be of value (at least to the parties), and is exchanged for the performance or promise of performance . 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. they accept it. A contract is based on an exchange of promises. In other words, a contract needs six elements to be considered enforceable. 2.1.1 The Law of Gifts . Definition A contract is a voluntary agreement between two or more parties that a court will enforce. Consideration is defined under Section 2(d) of Indian Contract Act, 1872 as " When at the desire of the promisor, the promise or any other person has done or abstained from doing or does or abstains from doing, or promises to do or to abstain from doing, something, such act or abstinence or promise is called consideration for the promise ". The most popular is the definition given in Currie vs Misa by Lush J. It can be defined by section 2(d) Contract Act 1950 as "an act or forbearance of one party, or the promise thereof, is the price for which the promise of the other is bought, and the promise thus given the value, is enforceable" (Contract Act 1950 (Act 136)). In a contract, one consideration (thing given) is exchanged for another consideration. It must contain: An offer made by the promisor An acceptance of. Noun. In a valid contract, the consideration is the portion that explains the legal value that will be exchanged. In a more classical and formal way contract law can be perceived as a set of promises which the law will recognize and enforce Contract law in Cyprus is one of the most significant areas of law as it is in the heart of all business dealings and it can involve various situations and complexities.. Consideration: "Something which is given and taken. It can be a tangible benefit (profits or money) or it can be an intangible benefit (to do or not to do something). This is basically to help scholars, lawyers and law students all of the world, find contract law cases so as to enable them consolidate their legal arguments, articles and points in law examinations. contract: 1) n. an agreement with specific terms between two or more persons or entities in which there is a promise to do something in return for a valuable benefit known as consideration. II. Before a contract can be legally binding, it must outline the consideration for each person or party that will enter into the agreement. Consideration is may be past, present or future. The Indian Contract Act, 1872 1.3 The above important elements may be further analysed as under: 1. Unit 6 - Contracts I. The term "value" does not mean only money can . It may, of course, be possible for A to enforce the promise against B. End of Document. Consideration need not be adequate. . In common law, a promise is not, as a general rule, binding as a contract unless it is supported by consideration (or it is made as a deed). Also Found In. privity of contract), since, if a person furnishes no consideration, Consideration in Contracts Defined The legal definition of consideration is based on the concept of a "bargained-for exchange." This means that both parties are getting something that they've agreed to, usually something of value for something of value. Contract law governs the legality of agreements made between two or more parties when there is an exchange of some sort intended to take place. This content is for Aspirant and Veteran members only. At the desire of the promisor: It is the first element of consideration that it is the total privilege of promisor to fix the amount of consideration while forming a contract with another. Intro In contract law consideration is concerned with the bargain of the contract. 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