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  2. 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:
    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/consideration
    Consideration 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/consideration
    Consideration 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…
     
  3. People also ask
    What does consideration mean in law?Consideration is usually either the result of: a promise not to do something you have the right to do (often, this means a promise not to file a lawsuit). Sometimes this change in position is also called a "bargained-for legal detriment." How does consideration work in the real world?
    What are the elements of consideration in a contract?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. There must be a mutual exchange between the parties. In simple terms, all parties involved must benefit from the contract.
    What happens if there is no consideration in a contract?If there is no consideration present in a contract, the contract becomes invalid, and the courts may refuse to enforce the contract. Sometimes, a contract may lack consideration though it may seem at the surface that the parties are exchanging something of value. Following are some of the scenarios where there is no valid consideration involved:
    Is consideration in a contract illegal?Consideration in a Contract must not be illegal. It is a basic principle of Contract Law that while consideration must be sufficient it need not be adequate. Adequacy means the value of the consideration provided in the context of the economic value of the transaction. However this is not something that can affect the validity of the consideration.
     
  4. consideration | Wex | US Law | LII / Legal Information Institute

     
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    WebConsideration is the third requirement of contract formation. It is defined as any ‘right, interest, profit, or benefit accruing to the one party, or some forbearance, detriment, loss, or responsibility, given, suffered, …

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