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Simple English definitions for legal terms

consideration

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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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OvertReconditeSpider
18:20
If that person doesnt have 10k however, could be outta luck
yeah i think it comes down to literally not having 10k to blow
OvertReconditeSpider
18:20
Oof
OvertReconditeSpider
18:20
Skill issue
OvertReconditeSpider
18:21
Jk even if i had it. I wouldnt spend 10k just to get out of a lease to switch schools
MightyUnableSphinx
18:29
@menherachan: You should say that to GULC
MightyUnableSphinx
18:30
I mean fuck it right. Like, maybe they can help somehow. Probably they can't but if the alternative is "i dont go to gulc" who cares
MightyUnableSphinx
18:30
Idk I doubt they can give you 10k cash, lmao, but who knows!
Others will disagree, but max out a credit card if you have to do so.
It's 10K. Not 100K.
OvertReconditeSpider
19:29
10K at 21.51% interest. Lol
19:47
Yeah I would definitely disagree. Without family help when could they realistically pay that off?
20:18
If someone can live below the student budget at GULC loans could cover an extra $10K, but Grad PLUS loans still amount to $2 in repayment for every $1 borrowed on a 10-year plan at current interest rates. Not a choice to make lightly.
OvertReconditeSpider
20:19
^
OvertReconditeSpider
20:19
The rates on the stafford loans are garbage too
manifestmoreadmissions
21:59
yeah its not the worst decision and im sure you could find solutions to any problems it might create but idk if it's like a no-brainer
MightyUnableSphinx
0:11
Apply for new credit card w/ 12 month 0% APR intro offer -> Max out card to 10k to get out of lease -> Go to GULC
MightyUnableSphinx
0:11
You now have 12mths to pay back 10k with no interest
MightyUnableSphinx
0:14
If you have decent credit history/credit score i bet the starting balance will be like 15-25k
MightyUnableSphinx
0:14
im actually cooking right now wtf this advice is so good. do not blow up your plan in life because of a fkn lease agreement
1:39
Excuse me everyone. Sorry. I'm planning to take lsat but I see so many different types of textbooks and categories on the market, which books should I start with for a rookie like me? Thanks a lot!
loophole
for LR
1:42
Sincere thanks, with my respect :)
power score bible for logic games
@Coolperson49494: yeah but i physically cant get 10k in less than a month :(
it would take me like 6 months to get 10k
i agree that gulc is worth it for me, but i just do not have the means of upending all my plans and moving to dc
@MightyUnableSphinx: i cant pay back 10k with no job, and i'm already 5k in debt. i just do not have the means to attend gulc 😭😭
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