What does consideration mean?

What does consideration mean?

1 : careful thought : deliberation Give my idea some serious consideration. 2 : thoughtfulness for other people. 3 : something that needs to be thought over carefully before deciding or acting. 4 : a payment made in return for something.

What is the actual meaning of consideration?

consideration. n. 1) payment or money. 2) a vital element in the law of contracts, consideration is a benefit which must be bargained for between the parties, and is the essential reason for a party entering into a contract.

What does it mean to pay consideration?

Consideration is a payment made by one party to another in exchange for the transfer of something of value. It must be of value to both parties entering into a transaction. Paying cash in exchange for a right of first refusal for real estate.

What does kind consideration mean?

consideration Add to list Share. Consideration is kindness and thoughtful regard for others, or an act of thoughtfulness. If you give something consideration, you think about it carefully, and not too quickly.

What is consideration example?

The definition of consideration is careful thought or attention or compassionate regard for someone or something. An example of consideration is someone deciding between two options for dinner. An example of consideration is someone bringing a friend dinner who just had a baby.

What is consideration cost?

The term “consideration” is a concept in English law that refers to the price paid in exchange for the fulfillment of a promise. The court in the case of Currie v Misa defined consideration as a right, interest, profit, detriment, loss, or responsibility.

What is the legal definition of ” consideration “?

The legal definition of consideration is based on the concept of a “bargained-for exchange.” This means that both parties are getting something that they’ve agreed to, usually something of value for something of value. Say, for example, that your neighbor admires your bicycle.

Which is an example of consideration in a contract?

Consideration is an essential element for the formation of a contract. It may consist of a promise to perform a desired act or a promise to refrain from doing an act that one is legally entitled to do.

Which is the best definition of executed consideration?

Executed or Present Consideration: Executed consideration, means the one which is concurrently provided when the promise is made. Meaning that the act which amounts to consideration is fully performed.

When does consideration move out of the promisee?

May proceed from promisee or any other party: The consideration may move out from the promisee or any other party. Here the word any other person means stranger, who is not a party to the contract. When the promisee or any other party performs an act, as per the desire of the promisor, such an act is regarded as consideration.