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Consideration may move from the promisee or any other person. Under Indian law, consideration may be from the promisee of any other person i.e., even a stranger. This means that as long as there is consideration for the promisee, it is immaterial who has furnished it. Consideration must be an act, abstinence or forbearance or a returned promise.
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.
Modern contract theory has also permitted remedies on alternative theories such as promissory estoppel. Also, modifications to existing lease agreements (as opposed to the creation of a new lease agreement) do not require consideration, [ 2 ] nor do modifications to existing sale contracts. [ 3 ]
Consideration is a concept of English common law. Consideration may also refer to: "Consideration" (song), 2016; See also. For Your Consideration (disambiguation)
Unfortunately, the difference between 'optimizing' and 'satisficing' is often referred to as a difference in the quality of a certain choice. It is a triviality that an optimal result in an optimization can be an unsatisfactory result in a satisficing model. The best things would therefore be to avoid a general use of these two words.
Sample flowchart representing a decision process when confronted with a lamp that fails to light. In psychology, decision-making (also spelled decision making and decisionmaking) is regarded as the cognitive process resulting in the selection of a belief or a course of action among several possible alternative options.
The rituals of self-discipline were nothing new. He’d kept a journal since the 8th grade documenting his daily meals and workout routines. As a teenager, he’d woken up to the words of legendary coaches he’d copied from books and taped to his bedroom walls — John Wooden on preparation, Vince Lombardi on sacrifice and Dan Gable on goals.
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.