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LSDefine

Simple English definitions for legal terms

consideration

Read a random definition: accrual basis

A quick definition of consideration:

Consideration: Consideration is what makes a contract valid. It's when two people agree to exchange something of value, like money or a promise, in order to make a deal. For example, if you give someone money to buy an apple, the apple is their consideration and the money is yours. Without consideration, a contract can't be enforced. There are different types of consideration, like promises, actions, or giving something of value. But gifts or things done in the past don't count as consideration. If there's no consideration, a contract can still be enforced if there's a substitute, like when someone relies on a promise and it would be unfair not to keep it.

A more thorough explanation:

Consideration is an important part of a contract. It refers to something of value that is exchanged between two parties in order to make the contract enforceable. This can be a promise, performance, forbearance, or property with legal value.

For example, if you buy an apple from a merchant, the apple is the merchant's consideration, and the money you pay for it is your consideration. Both parties have exchanged something of value, making the contract enforceable.

It's important to note that a gift or gratuitous promise cannot be considered as consideration because there is no bargaining involved. Additionally, past performance cannot be considered as consideration because there is no exchange.

If a contract does not have consideration, it cannot be enforced. However, there are substitutes for consideration that can make a contract enforceable:

  • Promissory estoppel/detrimental reliance: If the nonperformance of the promisor will cause injustice, a contract without consideration can be enforced. For example, if a person promises to donate money to a charity and the charity relies on that promise to plan an event, the promise can be enforced even without consideration.
  • Good faith modification: A modified contract is a new agreement that requires new consideration. However, if the modification is made in good faith under the Uniform Commercial Code (UCC), it can be enforced even without consideration.

Overall, consideration is an essential element of a contract that ensures both parties have exchanged something of value, making the contract enforceable.

conservatorship | consign

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21:14
Don't loose hope frens. It aint over, till its over, brother. -Hoya Saxa
Hey if I am on a bunch of waitlists am I screwed ?
21:39
@AlejandroAI405: Not for certain. You can get off the wait list, however it can be difficult. Would you consider reapplying next year or/and retaking the LSAT? You may drastically increase your choices/outcome(s)/and possibly get a scholarship
stay strong soldiers
10:09
What is up saturday morning gunners
10:09
@llama: RandR is a fucking joke, dont do it alejandro AI lmfao
noreaster
11:06
I genuinely do think being a reapplicant has some influence on a school’s perception of you, like we didn’t want this person before so why would we want them now? If you apply to only a couple schools your first cycle and then reapply with a higher LSAT and apply more broadly you will prob have good odds at the schools you didn’t apply to before
11:24
LMFAO why wait a year to go form UGA to chicago? You make the same biglaw salary lmfao you can get the same elite pi if you finish high, which you should if you are capable of getting chicago with a r and r. This means you advocate them not earning what they could over 4 years - 90k and study then 3 years of law or 3 years of law and then 260k salary? lmfao r and r only makes sense for FC
11:25
If someone applied with a 155 and can get a 170, a lot diff than a 168 hoping for a 172 and wasting a whole year for that
11:25
Oh i know i know i know
11:26
BUt if you want 171 r and r to get a 176+ for top FC at the top schools? okay. Everything else? Take your t25.
11:26
Scholarship dollars? Tuition + 90k income is the same or slightly less than the big law salary, but without a year of career progression.
11:27
It is not a smart move to r and r, long story short, despite what people who want you to pay for essay review and lsat tutor and lsat tutor service say
noreaster
11:58
The other point I would make is that with medians rising your 3.92 GPA might be above median at your dream school one year and below the next
13:20
Both of you make valid points, but if you do not get off the W/L your only options are to R&R or just not pursue. So yea if it makes sense and you can go this year, it may be better than R&R in hopes of better prospects next yr. the devil you know is better than the angel you don't where devil is this cycle and angel is next cycel
i don't think reapplying is going to hurt you from a previously WL/denied school
just make sure you're coming with new things on your resume. maybe a higher lsat or some work experience. a school may not of wanted you this cycle, but if you come back with stronger stats, you're gonna be what they might be looking for.
overall, i'd say work on boosting your lsat though!!
14:18
These decision times are so long, its crazy how I have to put in a deposit without knowing a couple of decisions
14:19
"rolling admissions" will haunt me forever
noreaster
11:05
good way of showing fluctuations over time
MrThickRopes
11:11
Easter waves TD?
Real
checking anyways
17:54
@MrThickRopes: not likely
MrThickRopes
19:01
You was right
Jacobdoeshisbest
19:17
Anyone here go to ookla for undergrad?
MrThickRopes
21:01
Type shit type shit
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