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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 ...
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 ...
Contract law. 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 ...
Failure of consideration. Failure of consideration is a technical legal term referring to situations in which one person confers a benefit upon another upon some condition or basis ("consideration") which fails to materialise or subsist. It is also referred to as "failure of basis". [ 1] It is an ' unjust factor ' for the purposes of the law of ...
t. e. The doctrine of privity of contract is a common law principle which provides that a contract cannot confer rights or impose obligations upon anyone who is not a party to that contract. [ 1] It is related to, but distinct from, the doctrine of consideration, according to which a promise is legally enforceable only if valid consideration ...
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 can be anything of value (such as any goods, money, services ...
Trust law. v. t. e. Specific performance is an equitable remedy in the law of contract, whereby a court issues an order requiring a party to perform a specific act, such as to complete performance of the contract. [ 1] It is typically available in the sale of land law, but otherwise is not generally available if damages are an appropriate ...
t. e. A legal remedy, also referred to as judicial relief or a judicial remedy, is the means with which a court of law, usually in the exercise of civil law jurisdiction, enforces a right, imposes a penalty, or makes another court order to impose its will in order to compensate for the harm of a wrongful act inflicted upon an individual. [ 1]