Consideration definition: Copy, Customize, and Use Instantly
Introduction
The term "Consideration" refers to a fundamental element of a legally binding contract. It involves something of value exchanged between parties, which can be money, goods, services, promises, or forbearance. It is essential for ensuring that a contract is enforceable by law.
Below are various examples of how "Consideration" can be defined in different contexts. Copy the one that fits your needs, customize it, and use it in your contract.
Definition of "Consideration" as mutual exchange
This definition ties "Consideration" to the concept of reciprocal promises.
"Consideration" means the exchange of something of value between parties to form the basis of a binding agreement.
Definition of "Consideration" as monetary payment
This definition connects "Consideration" to payments made in a contract.
"Consideration" refers to the monetary amount exchanged for the performance of contractual obligations.
Definition of "Consideration" as romise for a promise
This definition links "Consideration" to reciprocal promises.
"Consideration" means a mutual exchange of promises between parties in a contract, forming the basis of their obligations.
Definition of "Consideration" as bargained-for exchange
This definition applies "Consideration" to the negotiated value exchanged in a contract.
"Consideration" refers to the value that is bargained for and agreed upon by the parties to a contract.
Definition of "Consideration" as legal detriment
This definition ties "Consideration" to an action or forbearance by one party.
"Consideration" means a legal detriment suffered or agreed to by one party in exchange for the promise of another.
Definition of "Consideration" as act or forbearance
This definition connects "Consideration" to an act performed or a right waived.
"Consideration" refers to an act, forbearance, or promise offered by one party in return for the other’s commitment.
Definition of "Consideration" as contractual value
This definition ties "Consideration" to the value that makes a contract enforceable.
"Consideration" means the value or benefit exchanged between parties that makes a contract binding and enforceable.
Definition of "Consideration" as essential element of a contract
This definition applies "Consideration" to its role in contract formation.
"Consideration" refers to a necessary component of a valid contract, representing the exchange of value or obligations.
Definition of "Consideration" as mutual obligation
This definition focuses on reciprocal obligations in contracts.
"Consideration" means the mutual obligation undertaken by parties to create a legally binding agreement.
Definition of "Consideration" as non-monetary value
This definition links "Consideration" to value other than money.
"Consideration" refers to a non-monetary benefit or obligation exchanged, such as services or goods, as part of a contract.
Definition of "Consideration" as promise of performance
This definition ties "Consideration" to commitments to perform an action.
"Consideration" means a promise to perform an action or deliver a service in exchange for another’s commitment.
Definition of "Consideration" as past action
This definition focuses on consideration based on a previous act.
"Consideration" refers to an action performed prior to the creation of a contract that serves as a basis for the agreement.
Definition of "Consideration" as mutual benefit
This definition connects "Consideration" to the benefits received by both parties.
"Consideration" means the mutual benefit received or agreed upon by parties entering a contract.
Definition of "Consideration" as adequate value
This definition ties "Consideration" to value proportionate to the promise.
"Consideration" refers to the adequate and reasonable value provided in exchange for a contractual promise.
Definition of "Consideration" as nominal value
This definition applies "Consideration" to small symbolic value.
"Consideration" means a nominal amount exchanged to fulfill the legal requirement of a binding contract.
Definition of "Consideration" as future promise
This definition connects "Consideration" to promises of future actions.
"Consideration" refers to a promise of future performance or payment as part of a contractual exchange.
Definition of "Consideration" as detriment to promisor
This definition focuses on the cost to the promisor in a contract.
"Consideration" means the detriment or sacrifice made by one party in exchange for the other’s promise.
Definition of "Consideration" as forbearance of rights
This definition ties "Consideration" to refraining from exercising a right.
"Consideration" refers to the intentional forbearance of a legal right in exchange for a promise or benefit.
Definition of "Consideration" as executed and executory
This definition focuses on consideration that has been performed or is yet to be performed.
"Consideration" means the value that is either executed (performed) or executory (to be performed) in a contract.
Definition of "Consideration" as gift promise exception
This definition connects "Consideration" to the absence of enforceability in gift promises.
"Consideration" means the element of exchange required for a contract, distinguishing it from a gift promise.
Definition of "Consideration" as reciprocal relationship
This definition ties "Consideration" to the reciprocal relationship between parties.
"Consideration" refers to the reciprocal relationship of obligations or benefits exchanged in a contract.
Definition of "Consideration" as binding promise
This definition applies "Consideration" to promises that bind contracts.
"Consideration" means a promise or act exchanged to create a legally enforceable obligation.
Definition of "Consideration" as economic exchange
This definition focuses on economic value in contracts.
"Consideration" refers to an economic exchange forming the basis of a contractual agreement.
Definition of "Consideration" as enforceable commitment
This definition connects "Consideration" to the enforceability of agreements.
"Consideration" means the commitment exchanged by parties that renders a contract legally enforceable.
Definition of "Consideration" as moral obligation
This definition ties "Consideration" to moral commitments in contracts.
"Consideration" refers to a moral obligation that, when recognized, may support the enforceability of a contract.
Definition of "Consideration" as partial payment
This definition focuses on partial performance as consideration.
"Consideration" means a partial payment or performance accepted as sufficient to support a contractual promise.
Definition of "Consideration" as conditional performance
This definition ties "Consideration" to obligations contingent upon certain conditions.
"Consideration" refers to performance or promises that are conditioned on specific terms within a contract.
Definition of "Consideration" as substitute for value
This definition applies "Consideration" to alternatives for traditional value exchanges.
"Consideration" means a substitute for monetary or tangible value, such as mutual obligations or commitments.
Definition of "Consideration" as legal sufficiency
This definition connects "Consideration" to the sufficiency of the value exchanged.
"Consideration" refers to the legally sufficient value or benefit that supports the formation of a contract.
Definition of "Consideration" as promise of forbearance
This definition ties "Consideration" to refraining from future actions.
"Consideration" means a promise to refrain from specific actions in exchange for the other party’s promise or benefit.
Definition of "Consideration" as private agreements
This definition applies "Consideration" to private contracts.
"Consideration" refers to the mutual exchange of value or promises in private agreements, enforceable by law.
Definition of "Consideration" as quid pro quo
This definition focuses on "Consideration" as a quid pro quo exchange.
"Consideration" means the principle of quid pro quo, or "something for something," that underpins contractual agreements.
This article contains general legal information and does not contain legal advice. Cobrief is not a law firm or a substitute for an attorney or law firm. The law is complex and changes often. For legal advice, please ask a lawyer.