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- Consideration in contract law12345:
- Refers to something of value given to someone in return for goods, services, or some other promise.
- Is an essential element to make a contract legally binding.
- Can be a detriment incurred by the person making the promise or a benefit received by the other person.
- Without consideration by both parties, a contract cannot be enforceable.
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 special word “consideration” in contract law refers to something that has value in the eyes of the law. Consideration: is an essential element to make a contract must be provided for a contract to be legally binding. In contract law, it is said that "consideration must move from the promisee".hallellis.co.uk/contractual-consideration/In the legal system, the term consideration in contract law refers to something of value given to someone in return for goods, services, or some other promise. A valid contract must include consideration for every party involved. In simple terms, consideration is the basic reason a party enters into a legal contract.legaldictionary.net/consideration/consideration, in contract law, an inducement given to enter into a contract that is sufficient to render the promise enforceable in the courts. The technical requirement is either a detriment incurred by the person making the promise or a benefit received by the other person.www.britannica.com/topic/considerationConsideration is a promise, performance, or forbearance bargained by a promisor in exchange for their promise. Consideration is the main element of a contract. Without consideration by both parties, a contract cannot be enforceable.www.law.cornell.edu/wex/considerationConsideration in contract law, is a term used to describe an exchange of one item of value for another. Typically, this is the payment of money in exchange for a product or service. During consideration, an agreement is formed that establishes an arrangement to pay for goods or services.www.expertanswers.co.uk/solicitors-advice/conside… - People also ask
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