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Consideration is the central concept in the common law of contracts and is required, in most cases, for a contract to be enforceable. Consideration is the price one pays for another's promise. Consideration is the price one pays for another's promise.
A promise to do something what one is already bound to do, either by law, is not a good consideration, since it adds nothing to the previous existing legal consideration. 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 ...
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
Kirksey v. Kirksey, Ala. Sup. 8 Ala. 131 (1845) is a case standing for the principle that a gratuitous gift or a conditional gift is not valid consideration. A woman had to visit a home to receive a gift, which is not consideration. Lingenfelder v. Wainwright Brewing Co., 15 S.W. 844 (1891) promising not to sue did not amount to valid consideration
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.
[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.
According to Robert's Rules of Order Newly Revised (RONR), this motion is not debatable and requires a two-thirds vote against consideration. [2] This objection may be applied only to an original main motion, that is, a motion that brings a new substantive issue before the assembly. [2]
Hamer v. Sidway, 124 N.Y. 538, 27 N.E. 256 (N.Y. 1891), was a noted decision by the New York Court of Appeals (the highest court in the state), New York, United States.It is an important case in American contract law by establishing that forbearance of legal rights (voluntarily abstaining from one's legal rights) on promises of future benefit made by other parties can constitute valid ...