Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

consideration

Read a random definition: outrage

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

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
18:14
So excited every Friday
NosyBeagle
18:20
i talked to such a nice rep for penn dick like years ago and i put them on my list
NosyBeagle
18:20
God bless that lady
Mostlylegal
18:34
Legit makes no sense that nd has accepted literally nobody still
18:35
manybe ND is taking a sabbatical?
got a gw wl->A!!!
NosyBeagle
18:46
yay! congrats
nice kiwi!!!!!
is that your first a?! :D
yes it is!! thanks guys
ugh so stoked for you
Did they give you scholly information???\
yeah they gave me 150k!
(not gendered) girl CONGRATS
you gonna go? :D
yeah I think so!! my goal was either nyc or dc so im super happy w it
so stoked for you. congrats. i imagine your previous decisions had been a little crushing. very happy your app got the recognition it deserved
18:55
@RoyalReadyKiwi: lessgo stay winning :D awesome work!!!
thank you so much guys!!! means a lot :D
CONGRATS ROYAL YASSSS
i feel like i live in my bubble because i'm seeing people talk about other people abusing time accommodations for the lsat and my first reaction was "they are?"
ronniedoeslaw
20:14
Congrats Kiwi!!
ParallelAgreeableOrangutan
20:35
@JupitersMoons: wait is email not typical for LOCI? ik you can upload to portals but isn't an email... a letter? an electronic mail?
ParallelAgreeableOrangutan
20:36
@RoyalReadyKiwi: congrats on your A! and your scholarship!!
MrThickRopes
21:11
Uhh
MrThickRopes
21:11
Yeaaah
MrThickRopes
21:11
Call me chairman of the federal reserve the way i print dat money
MrThickRopes
21:11
Call me Pooh bear da way i get dat honey
MrThickRopes
21:12
Call me Danny d da way I’m always sunny
MrThickRopes
21:41
would u guys still chat with me if i was a werm
LSD+ is ad-free, with DMs, discounts, case briefs & more.