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What Does The Term Consideration Mean As Far As The Enforceability Of An Agreement Is Concerned

There must be some kind of connection between a promise and the consideration that is offered to support the promise. It is not a consideration to “refrain from conduct that should never be prosecuted.” [18] The consideration must have been at least an incentive to make the promise. For example, if A B promises to sell them their $50,000 home and B offers to pay only $100, that consideration will probably not be “reasonable.” However, if B offers to exchange services valued at approximately $50,000, the consideration will be considered reasonable. (Note that the consideration doesn`t have to be money, but can take the form of anything that has legal value.) However, when I first look at the issue of suitability, the court`s reluctance to investigate this issue means, for example, that if I own a £20,000 car and agree to sell it to you for £1, the courts will treat this as a binding contract.27 Your agreement to pay £1 provides sufficient consideration for my transfer of ownership of the car. although it is completely “inadequate” in terms of its relationship with the value of the car. Even in cases with a more obvious economic context, the economic value requirement does not appear to have been applied very strictly. An example is Chappell & Co vs Nestlé Co Ltd.36 For example, if A offers B$200 to buy B`s villa, luxury sports car and private jet, there are still considerations on both sides. A`s consideration is $200, and B`s consideration is the villa, car, and jet. In the United States, courts generally leave their own contracts to the parties and do not intervene. The old English rule of consideration asked whether one party gave the other party the value of a pepper.

As a result, contracts in the U.S. have sometimes been used to ensure that a party has a nominal counterparty, typically citing $1. Thus, license agreements that do not contain money at all are often mentioned in exchange for “the sum of $1 and another good and valuable consideration.” The question of the “sufficiency” of consideration (i.e., if the offer is equivalent to consideration), the Court stressed in its conclusion in Thomas/Thomas that the consideration “must be something of value in the eyes of the law”.31 This has generally been interpreted to mean that it must have a certain economic value […].

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What Does The Term Consideration Mean As Far As The Enforceability Of An Agreement Is Concerned

There must be some kind of connection between a promise and the consideration that is offered to support the promise. It is not a consideration to “refrain from conduct that should never be prosecuted.” [18] The consideration must have been at least an incentive to make the promise. For example, if A B promises to sell them their $50,000 home and B offers to pay only $100, that consideration will probably not be “reasonable.” However, if B offers to exchange services valued at approximately $50,000, the consideration will be considered reasonable. (Note that the consideration doesn`t have to be money, but can take the form of anything that has legal value.) However, when I first look at the issue of suitability, the court`s reluctance to investigate this issue means, for example, that if I own a £20,000 car and agree to sell it to you for £1, the courts will treat this as a binding contract.27 Your agreement to pay £1 provides sufficient consideration for my transfer of ownership of the car. although it is completely “inadequate” in terms of its relationship with the value of the car. Even in cases with a more obvious economic context, the economic value requirement does not appear to have been applied very strictly. An example is Chappell & Co vs Nestlé Co Ltd.36 For example, if A offers B$200 to buy B`s villa, luxury sports car and private jet, there are still considerations on both sides. A`s consideration is $200, and B`s consideration is the villa, car, and jet. In the United States, courts generally leave their own contracts to the parties and do not intervene. The old English rule of consideration asked whether one party gave the other party the value of a pepper.

As a result, contracts in the U.S. have sometimes been used to ensure that a party has a nominal counterparty, typically citing $1. Thus, license agreements that do not contain money at all are often mentioned in exchange for “the sum of $1 and another good and valuable consideration.” The question of the “sufficiency” of consideration (i.e., if the offer is equivalent to consideration), the Court stressed in its conclusion in Thomas/Thomas that the consideration “must be something of value in the eyes of the law”.31 This has generally been interpreted to mean that it must have a certain economic value […].