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Thus whether $1.00 is consideration does not depend on the benefit received but whether the $1.00 had actually been bargained for. In some [clarification needed] jurisdictions, contracts calling for such nominal or "peppercorn" consideration will be upheld unless a particular contract is deemed unconscionable.
Supreme Court of the United States 38°53′26″N 77°00′16″W / 38.89056°N 77.00444°W / 38.89056; -77.00444 Established March 4, 1789 ; 235 years ago (1789-03-04) Location Washington, D.C. Coordinates 38°53′26″N 77°00′16″W / 38.89056°N 77.00444°W / 38.89056; -77.00444 Composition method Presidential nomination with Senate confirmation Authorised by ...
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 law of contracts varies from state to state; there is nationwide federal contract law in certain areas, such as contracts entered into pursuant to Federal Reclamation Law. The law governing transactions involving the sale of goods has become highly standardized nationwide through widespread adoption of the Uniform Commercial Code .
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]
Alphabet's Google is facing a second complaint from a U.S. labor board claiming that it is the employer of contract workers and must bargain with their union, the agency said on Monday. The ...
The deadline to submit formal design-build contract bid proposals for the City Center segment was July 23. According to HART, the notice of award will be issued Aug. 23.
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]