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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.
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 consideration conveyed by at least one side seeks to restrain legal proceedings [d] The consideration includes public offices or titles [e] The consideration involves involuntary labour or otherwise infringes upon the personal liberty of a party to the contract [f] The consideration includes a marriage or a pecuniary inducement to marry.
English law recognises bargains supported by consideration, not bare promises. However, only simple contracts need consideration to be enforceable; special contracts do not require consideration. Currie v Misa (1875) [2] declares that consideration may comprise any of these positive and negative matters: Right, Interest, Profit, Benefit
Easton, where a contract was made for work to be done in exchange for payment to a third party. When the third party attempted to sue for the payment, he was held to be not privy to the contract, and so his claim failed. This was fully linked to the doctrine of consideration, and established as such, with the more famous case of Tweddle v.
Angel v. Murray, 113 R.I. 482, 322 A.2d 630 (1974), was a case decided by the Rhode Island Supreme Court that first accepted the rule articulated in the Uniform Commercial Code §2-209(1) and the Restatement Second of Contracts §89(a) that the modification of a contract does not require its own consideration if the modification was made in good faith and was voluntarily accepted by both parties.
[42] [43] [44] Common law jurisdictions require consideration for a simple contract to be binding, but allow contracts by deed to not require consideration. Similarly, under the Uniform Commercial Code, firm offers in most American jurisdictions are valid without consideration if signed by the offeror. [45]
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]
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