What does other good and valuable consideration mean? The distinction between a good and valuable consideration is this, — that a good consideration makes the instrument (a deed of conveyance, &c,) good as between the
What does other good and valuable consideration mean?
The distinction between a good and valuable consideration is this, — that a good consideration makes the instrument (a deed of conveyance, &c,) good as between the parties; but a valuable consideration makes the conveyance good against a subsequent purchaser (r).
What does other valuable consideration mean?
valuable consideration. n. a necessary element of a contract, which confers a benefit on the other party. Valuable consideration can include money, work, performance, assets, a promise or abstaining from an act.
What does valuable consideration mean in law?
Valuable consideration is ‘something of value in the eye of the law’ (Thomas v Thomas). Clearly, the payment of money or a promise to pay money is valuable consideration.
What does good consideration mean?
A reason for doing something based on natural affection, generosity, love, or moral duty. This reason is insufficient to judge a commercial contract or promise enforceable as it lacks valid, valuable, and legal basis for the reason. Also refer to valuable consideration.
What is an example of good consideration in real estate?
For example, good consideration in real estate is when a buyer and seller agree to the terms and conditions for the purchase of a home. This is a “good” consideration as it is something legally permissible and it is good between the parties.
Which of the following is an example of good consideration?
Good consideration is founded on moral obligation or on natural duty and affection. For example, consideration for love and affection within the degree are recognized by law. Other examples of good consideration are motives of natural duty, generosity, and prudence.
What is consideration value?
In the formation of a valid and binding contract, something of worth or value that is either a detriment incurred by the person making the promise or a benefit received by the other person. It is an essential element for the formation of a contract. …
What is consideration in a contract?
Something bargained for and received by a promisor from a promisee. Common types of consideration include real or personal property, a return promise, some act, or a forbearance. Consideration or a valid substitute is required to have a contract. business law. contracts.
What is an example of good consideration?
What is good consideration for a contract?
These are: That consideration is the price paid for promisor’s promise; That the person who wants to enforce the promise must be the one who has paid for it – either the promisee or someone acting on their behalf; That the consideration does not have to be paid to the promisor.
What does valuable consideration mean?
Definition of valuable consideration. : an equivalent or compensation having value that is given for something acquired or promised (such as money or marriage) and that may consist either in a benefit accruing to one party or a loss falling upon the other.
What is a good consideration?
Good consideration is a promise that cannot be measured in terms of money, such as love and affection. Either type of consideration is sufficient to enforce a contract. The law typically does not concern itself with the fairness of consideration. What is exchanged need not have the same measurable value.
What is a valuable consideration in real estate?
Real estate contracts aren’t enforceable unless the parties have exchanged something of value, called consideration. “Valuable” consideration is money or something that has monetary value. “Good” consideration, which is non-material, might consist of affection or good will.
What is contract and 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.