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The first is "benefit-detriment theory," in which a contract must be either to the benefit of the promisor or to the detriment of the promisee to constitute consideration (though detriment to the promisee is the essential and invariable test of the existence of a consideration rather than whether it can be constituted by benefit to the promisor ...
Consideration of marriage (not to actually get married but to give a dowry, for example) Goods over a certain amount of money (usually $500, as in the UCC) Contracts that cannot be performed within one year; For example, a two-year employment contract naturally cannot be performed within one year.
Consideration need not be adequate. Consideration need not necessarily be equal in value to something given. So long as consideration exists, the courts are not concerned as to adequacy, provided it is for some value. Additionally, under the Indian Contract Act 1872, any consideration is invalid if it is: Forbidden by law [a]
For example,the homeowner and contractor could agree to include a new window at an additional cost of $1000. Alternatively, the parties could agree not to perform part of the contract for a $500 reduction in the price. Both modifications to the original contract would be enforceable because there was consideration for each. [21]
The doctrine [1] of impossibility or impossibility of performance or impossibility of performance of contract is a doctrine in contract law.. In contract law, impossibility is an excuse for the nonperformance of duties under a contract, based on a change in circumstances (or the discovery of preexisting circumstances), the nonoccurrence of which was an underlying assumption of the contract ...
Collective bargaining and growing number of employment rights carried the employment contract into an autonomous field of labour law where workers had rights, like a minimum wage, [45] fairness in dismissal, [46] the right to join a union and take collective action, [47] and these could not be given up in a contract with an employer.
Executive Order 11246, signed by President Lyndon B. Johnson, was an executive order of the Article II branch of the United States federal government, in place from 1965 to 2025, specifying non-discriminatory practices and affirmative action in federal government hiring and employment.
Forbearance to act amounts to consideration only if one is thereby surrendering a legal right. [2] [3] [4] "Past consideration is no consideration": consideration must be "executory" or "executed", but not "past"; that is, consideration must be supplied in the present or in the future, but things done beforehand cannot be good consideration. [5]