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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 ...
Offer and acceptance are generally recognized as essential requirements for the formation of a contract (together with other requirements such as consideration and legal capacity). Analysis of their operation is a traditional approach in contract law .
The Santa Clara, California-based company's shares fell more than 4% in early trading. The U.S. government also said earlier in the day it would further restrict AI chip and technology exports ...
In legal parlance, a peppercorn is a metaphor for a very small cash payment or other nominal consideration, used to satisfy the requirements for the creation of a legal contract.
They went from being wild animals to becoming man’s best friend. And some people even believe we don’t actually deserve them. Dogs have developed a well-deserved reputation as being loyal ...