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- The rules of consideration in contract law include1234:
- The contract must include a bargain for the terms of the exchange.
- There must be a mutual exchange between the parties.
- The exchange in the contract must be something of value.
- The consideration must not be past.
- The consideration must be sufficient but need not be adequate.
- The consideration must move from the promisee.
- An existing public duty will not amount to valid consideration.
- An existing contractual duty will not amount to valid consideration.
- Part payment of a debt is not valid consideration for a promise to forego the balance.
- Consideration must not be illusory.
- Past consideration is not good consideration.
- Consideration must be possible, definite, and legal.
Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.The required elements of consideration include:
- The contract must include a bargain for the terms of the exchange. This means there must be something that is worth bargaining over to both the parties.
legaldictionary.net/consideration/There are various rules governing the law of consideration:
- 1. The consideration must not be past.
- 2. The consideration must be sufficient but need not be adequate.
www.e-lawresources.co.uk/Consideration.phpThe consideration: Is essential to every simple contract, Can be present and future but not past. Must stem from the promise. Must have some type of value. Must promise more than a current or existing obligation. Must be possible. Must be definite and legal.www.upcounsel.com/doctrine-of-consideration-in-c…Consideration must move from the promisee but need not flow to the promisor. Consideration must be sufficient but need not be adequate. Consideration cannot be illusory. Consideration must not be past. Past consideration is not good consideration.en.wikipedia.org/wiki/Consideration - People also ask
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