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Consideration is a concept of English common law and is a necessity for simple contracts but not for special contracts (contracts by deed). The concept has been adopted by other common law jurisdictions.
Consideration is an English common law concept within the law of contract, and is a necessity for simple contracts (but not for special contracts by deed). The concept of consideration has been adopted by other common law jurisdictions, including in the United States .
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. In broad terms, if one agrees to do something he was not otherwise legally obligated to do, it may be said that he has given consideration.
English law recognises bargains supported by consideration, not bare promises. However, only simple contracts need consideration to be enforceable; special contracts do not require consideration. Currie v Misa (1875) [2] declares that consideration may comprise any of these positive and negative matters: Right, Interest, Profit, Benefit
Consideration need not be of the same value as the other party's promise. For example, a peppercorn in contract law describes a very small and inadequate consideration. Consideration must be legal i.e., not prohibited by the law. The insufficiency of past consideration is related to the pre-existing duty rule.
In parliamentary procedure, the verb to table has the opposite meaning in the United States from that of the rest of the world: In the United States, to "table" usually means to postpone or suspend consideration of a pending motion. Generally, to avoid spending time on debate and consideration.
An agreement made in writing, signed by all parties, including the terms expressly agreed by the parties and evidencing offer, acceptance, consideration and intention to create legal relations is likely to be treated as a binding contract because such contents reflect the requirements of the Law of Property (Miscellaneous Provisions) Act 1989 ...
The person is also highly dogmatic in their views, meaning the person speaks of their personal opinions as though they were unquestionably correct. [2] Someone with a god complex may exhibit no regard for the conventions and demands of society , and may request special consideration or privileges.