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The primary criticism of the doctrine of consideration is that, in its present form, it is purely a formality that merely serves to complicate commerce and create legal uncertainty by opening up otherwise simple contracts to scrutiny as to whether the consideration purportedly tendered satisfies the requirements of the law.
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.
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 .
Alternatively, the parties could agree not to perform part of the contract for a $500 reduction in the price. Both modifications to the original contract would be enforceable because there was consideration for each. [21] The legal duty rule protects one party when the other is trying to change the terms of the agreement unilaterally.
In contract law, [1] a simple contract is a contract made orally, in writing, or both, rather than a contract made under seal. [2] Simple contracts require consideration to be valid, [3] but simple contracts may be implied from the conduct of parties bound by the contract. [4] William Blackstone observed in his Commentaries on the Laws of ...
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 ...
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