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Consideration is the central concept in the common law of contracts and is required, in most cases, for a contract to be enforceable. Consideration is the price one pays for another's promise. It can take a number of forms: money, property, a promise, the doing of an act, or even refraining from doing an act.
Aquinas defines a law as "an ordinance of reason for the common good, made by him who has care of the community, and promulgated." [3] Law is an ordinance of reason because it must be reasonable [4] or based in reason and not merely in the will of the legislator.
Contract law concerns enforceable promises, and can be summed up in the Latin phrase pacta sunt servanda (agreements must be kept). [188] In common law jurisdictions, three key elements to the creation of a contract are necessary: offer and acceptance, consideration and the intention to create legal relations.
A zoning ordinance approved Thursday by the Austin Council allows developers to build 30 to 90 feet higher in exchange for more affordable housing units in certain areas of the city. but each ...
Under the common law, consideration for the option contract is required as it is still a form of contract, cf. Restatement (Second) of Contracts § 87(1). Typically, an offeree can provide consideration for the option contract by paying money for the contract or by providing value in some other form such as by rendering other performance or ...
As Canadian law regarding bills of exchange and promissory notes is derived from English common law, consideration is required for the issue of a valid bill of exchange or promissory note, but the requirement for consideration is looser, with the federal Bills of Exchange Act providing that the requirement for consideration may be satisfied ...
A unilateral contract is created when someone offers to do something "in return for" the performance of the act stipulated in the offer. [10] In a unilateral contract, acceptance may not have to be communicated and can be accepted through conduct by performing the act. [11] Nonetheless, the person performing the act must do it in reliance on ...
In Japan, ordinances (条例, jōrei) may be passed by any prefecture or municipality under authority granted by Article 94 of the Constitution.. There must generally be a statutory basis for an ordinance, the ordinance must be in compliance with any overlapping statutes (although it may impose a stricter standard or penalty), and the ordinance must be related to the affairs of the local ...