Consideration is a central concept in the common law of contracts. Under classical contract theory, consideration is required for a contract to be enforceable.
Anything of value given by one party to induce another to enter into a contract. It may be money, personal services or even "love and affection."
A legal right or promise exchanged for the act, promise, or property of another person. For example, in a contract for the purchase of a piece of property, the property itself and the money paid (or promised to be paid) are the considerations made by the property seller and the new property owner, respectively.
The required element in all contracts by which a legal right or promise is exchanged for the act or promise of another person.
One of the elements that make up an insurance contract, consideration is the offer made by the insurance company to the insured for payment of the premium and the statements made by the prospective policyholder on their application.
Anything of value given to induce another to enter into a contract. Earnest money deposit on a sales contract is consideration.
The price or subject matter, which induces a contract; may be in money, commodity, exchange, or a transfer of personal effort.
The value, asset, service, information etc. which is offered to another party in a contract in exchange for that party's agreeing to enter the contract. A contract is not binding if each party does not offer at least some consideration to the other party(ies).
The 'price' in a contract for the other party's promise. The 'price' may be a promise or an act (eg promise of payment). A party can only sue on a promise if he has given consideration (something) in return for the promise.
Consideration is anything of value that changes hands between the two parties of contract. Although we usually think of consideration as an exchange of money and goods (or services), consideration may take other forms as well. For example, the waiver of a legal right has been found to be adequate consideration.
Something of value given by a promisee to a promisor to make the promise binding.
A legal right or promise exchanged for the act, promise, or property of another person. For example, in a contract for the purchase of a piece of property, the property itself and the money paid (or promised to be paid) are the considerations made by the property seller and the new property owner, respectively.