consideration


consideration
The inducement to a contract. The cause, motive, price, or impelling influence which induces a contracting party to enter into a contract. The reason or material cause of a contract. Some right, interest, profit or benefit accruing to one party, or some forbearance, detriment, loss, or responsibility, given, suffered, or undertaken by the other. Restatement, Second, Contracts, No.No. 17(1), 71. Richman v. Brookhaven Servicing Corp., 80 Misc.2d 563, 363 N.Y.S.2d 731, 733.
It is a basic, necessary element for the existence of a valid contract that is legally binding on the parties.
- past consideration
- valuable consideration
considerations are either:
- executed or executory considerations
- express or implied considerations
- good or valuable considerations
@ concurrent consideration
One which arises at the same time or where the promises are simultaneous
@ continuing consideration
One consisting in acts or performances which must necessarily extend over a considerable period of time.
@ equitable considerations
@ moral considerations
@ equitable or moral considerations
equitable or moral considerations
Considerations which are devoid of efficacy in point of strict law, but are founded upon a moral duty, and may be made the basis of an express promise.
@ executed or executory considerations
@ executed considerations
@ executory considerations
executed or executory considerations
The former are acts done or values given before or at the time of making the contract; the latter are promises to give or do something in future.
@ express considerations
@ implied considerations
@ express or implied considerations
express or implied considerations
The former are those which are specifically stated in a deed, contract, or other instrument; the latter are those inferred or supposed by the law from the acts or situation of the parties.
Express consideration is a consideration which is distinctly and specifically named in the written contract or in the oral agreement of the parties.
@ gratuitous consideration
One which is not founded upon any such loss, injury, or inconvenience to the party to whom it moves as to make it valid in law.
@ illegal consideration
An act which if done, or a promise which if enforced, would be prejudicial to the public interest or contrary to law.
@ impossible consideration
One which cannot be performed.
@ legal consideration
One recognized or permitted by the law as valid and lawful; as distinguished from such as are illegal or immoral. The term is also sometimes used as equivalent to "good" or "sufficient" consideration.
@ nominal consideration
One bearing no relation to the real value of the contract or article, as where a parcel of land is described in a deed as being sold for "one dollar," no actual consideration passing, or the real consideration being concealed. This term is also sometimes used as descriptive of an inflated or exaggerated value placed upon property for the purpose of an exchange.
@ past consideration
An act done before the contract is made, which is ordinarily by itself no consideration for a promise. As to time, considerations may be of the past, present, or future. Those which are present or future will support a contract not void for other reasons.
+ past consideration
In contracts, a detriment suffered by a contracting party at a time antecedent to the formation of a contract and hence, except in unusual cases, is not legally sufficient consideration to support a contract.
In law of negotiable instruments, past consideration is sufficient to support a note or other negotiable instrument
@ pecuniary consideration
A consideration for an act of forbearance which consists either in money presently passing or in money to be paid in the future, including a promise to pay a debt in full which otherwise would be released or diminished by bankruptcy or insolvency proceedings.
@ sufficient consideration
One deemed by the law of sufficient value to support an ordinary contract between parties, or one sufficient to support the particular transaction
@

Black's law dictionary. . 1990.

Synonyms:

Look at other dictionaries:

  • consideration — con·sid·er·a·tion n: something (as an act or forbearance or the promise thereof) done or given by one party for the act or promise of another see also contract compare motive ◇ Except in Louisiana, consideration is a necessary element to the… …   Law dictionary

  • considération — [ kɔ̃siderasjɔ̃ ] n. f. • XIIe; lat. consideratio 1 ♦ Action d examiner avec attention. ⇒ attention, étude, examen. Affaire qui demande une longue considération. Vieilli Sans considération de personne. ⇒ acception. Mod. Être digne de… …   Encyclopédie Universelle

  • considération — CONSIDÉRATION. sub. f. Action par laquelle on considère, on examine. Cela est digne de considération. Cela mérite considération, demande une longue considération, beaucoup de considération. f♛/b] En ce sens, il signifie au pluriel, Réflexions,… …   Dictionnaire de l'Académie Française 1798

  • consideration — Consideration. s. f. v. Action par laquelle on considere. Il a fait cela sans consideration. cela est digne de consideration. cela merite consideration. longue consideration. Il signifie aussi, Raison, esgard. Il a fait cela par telle… …   Dictionnaire de l'Académie française

  • Consideration — Con*sid er*a tion (k[o^]n*s[i^]d [ e]r*[=a] sh[u^]n), n. [L. consideratio: cf. F. consid[ e]ration.] 1. The act or process of considering; continuous careful thought; examination; contemplation; deliberation; attention. [1913 Webster] Let us… …   The Collaborative International Dictionary of English

  • consideration — Consideration, Consideratio, Animaduersio, Notatio, AEstimatio, Reputatio. Avec grande consideration, pensement et advis, Considerate. On ne sçauroit estimer que la consideration de la Lune y sert, Infinitum refert lunaris ratio. Sans… …   Thresor de la langue françoyse

  • consideration — [kən sid΄ər ā′shən] n. [ME consideracioun < L consideratio] 1. the act of considering; careful thought or attention; deliberation 2. thoughtful or sympathetic regard for others 3. something that is, or should be, considered, as in making a… …   English World dictionary

  • consideration — [n1] mental analysis application, attention, cogitation, concentration, contemplation, debate, deliberation, discussion, examination, forethought, heed, reflection, regard, review, scrutiny, study, thinking, thought; concept 24 Ant. disregard,… …   New thesaurus

  • Consideration — bezeichnet im Common Law ein Erfordernis für die Einklagbarkeit von Verträgen. Zur Rechtslage in einzelnen Ländern siehe: Consideration (England und Wales) Consideration (Vereinigte Staaten) Diese Seite ist eine Begrif …   Deutsch Wikipedia

  • consideration — mid 14c., a beholding, looking at, also keeping in mind, from O.Fr. consideracion (12c., Mod.Fr. considération), from L. considerationem (nom. consideratio) consideration, contemplation, reflection, noun of action from considerat , pp. stem of… …   Etymology dictionary

  • consideration — ► NOUN 1) careful thought. 2) a fact taken into account when making a decision. 3) thoughtfulness towards others. 4) a payment or reward. ● in consideration of Cf. ↑in consideration of …   English terms dictionary