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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 the US. Consideration can be anything of value (such as any goods, money, services, or promises of ...
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. The court in Currie v Misa [ 1 ] declared consideration to be a "Right, Interest, Profit, Benefit, or Forbearance, Detriment, Loss ...
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. In broad terms, if one agrees to do ...
In contract law, for requirements of consideration, reasonable worth for goods delivered. Usage: quantum meruit has replaced quantum valebant in consideration; [10] in the case of contract remedy, quantum valebant is being used less, and could be considered obsolete. quasi: as if Resembling or being similar to something, without actually being ...
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e. A contract is an agreement that specifies certain legally enforceable rights and obligations pertaining to two or more parties. A contract typically involves consent [ 1] to transfer of goods, services, money, or promise to transfer any of those at a future date. The activities and intentions of the parties entering into a contract may be ...
Meeting of the minds (also referred to as mutual agreement, mutual assent, or consensus ad idem) is a phrase in contract law used to describe the intentions of the parties forming the contract. In particular, it refers to the situation where there is a common understanding in the formation of the contract. Formation of a contract is initiated ...
Guarantee. A guarantee is a form of transaction in which one person, to obtain some trust, confidence or credit for another, agrees to be answerable for them. It may also designate a treaty through which claims, rights or possessions are secured. [ 1] It is to be differentiated from the colloquial "personal guarantee" in that a guarantee is a ...