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The traditional notion that courts won't look into the adequacy of consideration, an ancient notion in the English common law, doesn't square with the benefit-detriment theory (in which courts are implicitly analyzing if the parties are receiving a sufficient benefit) but does square with the bargain theory (in which only the subjective ...
Consideration may be past, present or future. Past consideration is not consideration according to English law. However it is a consideration as per Indian law. Example of past consideration is, A renders some service to B at latter's desire. After a month B promises to compensate A for service rendered to him earlier.
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 .
The pre-existing duty rule is an aspect of consideration within the law of contract. Originating in England the concept of consideration has been adopted by other jurisdictions, including the US. In essence, this rule declares that performance of a pre-existing duty does not amount to good consideration to support a valid contract; but there ...
In mathematics, a law is a formula that is always true within a given context. [1] Laws describe a relationship , between two or more expressions or terms (which may contain variables ), usually using equality or inequality , [ 2 ] or between formulas themselves, for instance, in mathematical logic .
For example, in the 1904 case Fischer v. Union Trust Co., the Michigan Supreme Court held that the one dollar paid for the sale of real property did not constitute valuable consideration since the transaction had not been bargained for—a dollar was handed to a mentally incompetent "buyer" who then dutifully handed it to the "seller". The ...
Trump's inner circle has described the attorney general, the country's top law enforcement official, as the most important member of the administration after the president, key to his plans to ...
Failure of consideration is a highly technical area of law. Particular areas of controversy include: Whether the failure of the consideration must be 'total', [3] and the scope and meaning of such a requirement; Whether 'consideration' refers not only to bargained-for counter-performance by the defendant, but also a legal or factual state of ...