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An illusory promise, or one which the promisor actually has no obligation to keep, does not count as consideration. The promise must be real and unconditional. This doctrine rarely invalidates contracts; it is a fundamental doctrine in contract law that courts should try to enforce contracts whenever possible.
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 must be real. Consideration must be real, competent and having some value in the eyes of law. For example, A promises to restore life to B's dead wife, if B pays him Rs.1000/—. A's promise is physically impossible to perform, hence there is no real consideration.
Benford's law is an observation that in many real-life sets of numerical data, the leading digit is likely to be small. [21] In sets that obey the law, the number 1 appears as the leading significant digit about 30% of the time, while 9 appears as the leading significant digit less than 5% of the time.
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 ...
Buttered cat paradox: Humorous example of a paradox from contradicting proverbs. Intentionally blank page: Many documents contain pages on which the text "This page intentionally left blank" is printed, thereby making the page not blank. Metabasis paradox: Conflicting definitions of what is the best kind of tragedy in Aristotle's Poetics.
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For example, since real estate contracts are generally matters of public record, the purchaser of a house may not wish to list the exact amount of the payment on the contract. But there must be some specific payment listed in the contract, or the contract will be considered void for lack of consideration. So the contract may be written to ...