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The main purpose of the shift from benefit-detriment to bargain theory is to avoid inquiries into whether consideration is adequate. For example, if a person promised you their car for $1.00 because they needed to get rid of it, then the $1.00 might seem adequate.
Consideration need not be adequate. Consideration need not necessarily be equal in value to something given. So long as consideration exists, the courts are not concerned as to adequacy, provided it is for some value. Additionally, under the Indian Contract Act 1872, any consideration is invalid if it is: Forbidden by law [a]
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.
[1] [2] This consideration expresses to the court whether money should be awarded or a court order should be decreed. [1] "Adequate remedy at law" refers to the sufficient compensation for the loss or damages caused by the defendant with a proper monetary award. [3] The court must grant the adequacy of remedy that will lead to a "meaningful ...
The Affordable Care Act’s chief aim is to extend coverage to people without health insurance. One of the 2010 law’s primary means to achieve that goal is expanding Medicaid eligibility to more people near the poverty level.
Gaetz withdrew his name from consideration after it became clear an investigation into allegations of sex trafficking and sex with a minor would prevent him from getting enough votes to be ...
The situation is different under contracts within civil law jurisdictions because such nominal consideration can be categorised as a disguised gift. [4] The remainder of this section is a U.S. perception, not English. However, courts will not generally inquire into the adequacy or relative value of the consideration provided by each party. [5]
1. Use the Rule of 25 to get a ballpark number. A good rule of thumb to estimate your retirement savings goal is the Rule of 25.Simply multiply your desired annual retirement income by 25.