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However, in other [clarification needed] jurisdictions, the court will reject "consideration" that had not been truly bargained for. Occasionally the courts in these jurisdictions may refer to "adequate" or "valuable" consideration, but in reality the court is not examining the adequacy of consideration, but whether it had been bargained for.
[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 ...
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.
The leading case is Stilk v Myrick (1809), [3] where a captain promised 8 crew the wages of two deserters provided the remainders completed the voyage. The shipowner refused to honour the agreement; the court deemed the eight crew were unable to enforce the deal as they had an existing obligation to sail the ship and meet "ordinary foreseeable emergencies".
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.
Alabama athletics director Greg Byrne makes a case for the Crimson Tide to make the College Football Playoff despite not winning a conference championship and having three losses.
The law codified the Illinois common law conditions that the non-compete agreement must (1) be reasonably necessary to protect the legitimate business interest of the employer, (2) be ancillary to a relationship or valid contract, and (3) be reasonably supported by adequate consideration. [36] [37]