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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.
For example, as enacted in California, the Civil Code contains a definition of consideration, [4] a principle in the common law of contracts which has no direct equivalent in civil law systems. Similarly, it codifies the mailbox rule that communication of acceptance is effective when dropped in the mail, [ 5 ] [ 6 ] which is a feature unique to ...
Conversely, if A signs a contract to buy a car from B for $0, B's consideration is still the car, but A is giving no consideration, and so there is no valid contract. However, if B still gives the title to the car to A, then B cannot take the car back, since, while it may not be a valid contract, it is a valid gift .
Accord and satisfaction is a contract law concept about the purchase of the release from a debt obligation. It is one of the methods by which parties to a contract may terminate their agreement. The release is completed by the transfer of valuable consideration that must not be the actual performance of the obligation itself. [1]
So the contract may be written to reflect that the house is being sold in return for "ten dollars and other good and valuable consideration". The ten dollars is the "peppercorn" that provides concrete consideration and ensures that the contract is valid, while the actual amount paid for the house is hidden and referred to only as the "other ...
Consideration can be anything of value (such as any goods, money, services, or promises of any of these), which each party gives as a quid pro quo to support their side of the bargain. Mutual promises constitute consideration for each other. [a] If only one party offers consideration, the agreement is a "bare promise" and is unenforceable.
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