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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.
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.
Inadequacy of Common Law Damages: Common law damages must be an inadequate remedy for the breach. Party is Ready, Willing, and Able to Perform: The party seeking specific performance must demonstrate their willingness and ability to fulfill their own obligations under the contract. When a Court Will Not Order Specific Performance:
The situation is different under contracts within civil law jurisdictions because such nominal consideration can be categorised as a disguised gift. [4] The remainder of this section is a U.S. perception, not English. However, courts will not generally inquire into the adequacy or relative value of the consideration provided by each party. [5]
The understanding and meaning of constructs which the evaluator is attempting to measure may not be shared between the evaluator and the sample population and thus the transference of concepts is an important notion, as this will influence the quality of the data collection carried out by evaluators as well as the analysis and results generated ...
Spicy Chick-Fil-A Chick-n-Strips. For those who crave a kick of heat, Chick-fil-A’s Spicy Chick-n-Strips were a standout hit. Chicken breast strips seasoned with a spicy blend of peppers quickly ...
A seasonal greeting card, whether handwritten on personalized Christmas stationary or typed out on a tasteful e-card, is one way to show family and friends you care about them this holiday season ...
The defense at Section 11, referred to later in legal usage as the "due diligence" defense, could be used by broker-dealers when accused of inadequate disclosure to investors of material information with respect to the purchase of securities. In legal and business use, the term was soon used for the process itself instead of how it was to be ...