The value, asset, service, information etc. which is offered to another party in a contract in exchange for that party's agreeing to enter the contract.
Something of value given in return for another's performance or promise of performance; generally required to make a promise binding and to make agreement of parties enforceable as a contract. Consideration may be either executed or executory, express or implied.
A legal term meaning 'something given for something done', i.e., the payment made for goods or services received. For a contract to be valid some consideration must be given.
Under common law, there can be no binding contract without consideration, defined in an 1875 English decision as "some right, interest, profit or benefit accruing to the one party, or some forbearance, detriment, loss or responsibility given, suffered or undertaken by the other". Common law did not allow gratuitous offers, those made without anything offered in exchange (such as gifts), to be given the protection of contract law, so the criterium of consideration was created. Consideration is not required in contracts made in civil law systems, and many common law states have adopted laws which remove consideration as a prerequisite of a valid contract.
Something of value exchanged as part of a contract; an essential of a valid contract. Sometimes used in the sense of ‘payment', e.g. premium, or promise to pay a premium.
The price paid by a person for something under a contract. It may be money or it may be a promise eg: a promise not to pursue court action.• Contracts
What the buyer and the seller in a contract receives I exchange for the promise to act in a specific way.
Something of value exchanged for the performance agreed upon in a contract.
The price bargained for and paid for a promise, goods, or real estate.
In legal terms, it is the inducement to a contract or the promises made. It may be either express or implied. The insurance policy is a common example. The consideration provided by the insured is the premium dollar, and the consideration of the insurer is a promise to pay should loss, accident or injury occur. If a loss does not occur, nothing is paid by the insurer. Should there be a loss, however, the amount of coverage provided by the insurer may exceed the lifetime accumulation of premiums paid by the insured.
A benefit or other item of value given to an individual who is asked to sign an employment contract or agreement (i.e., release agreement) that is above and beyond what the individual would have been entitled to, had he or she not been asked to sign a contract or agreement.
The total sum (including cash, shares, etc) given by one party to another in exchange for a business.
Valuable consideration, a promise or an act of legal value bargained for and received in return for a promise; good consideration, love and affection.
Something of value received for promises exchanged in a contract or agreement.
The 'price' for which the promises of another is bought when entering into a contract. Consideration may take the form of a right, interest, profit or benefit accruing to one party or some forbearance, detriment, loss or responsibility given, suffered or undertaken by the other.
An inducement or promise offered to one person or business or entity in order to encourage them to enter into a contract.Consideration can also refer more generally to something that is given in exchange for something else.In general, consideration is often something that is attractive to the buyer or the person being encouraged to enter into contract.In the sale of a foreclosed real estate property, for example, a seller may offer exchanged property, cash back on the purchase price, or some repair work done at no cost. The promise of consideration is often enough.However, consideration is supportive of the contract and is mutually beneficial to both purchaser and seller.
Something promised, done or given to make a contract enforceable. There must be an exchange of consideration, for instance a promise to pay an amount of money, in exchange for a transfer of land.
Something of value given up for something else of value. IE, in a contract, a benefit or right for which the parties to a contract must bargain.
The benefit being received from a contract.
Anything of value used to induce another person to enter into a contract. It may be money, services, or a promise, and consists of either a benefit to the promisor, or a loss or detriment to the promisee.
Anything of value, either tangible or intangible, given in exchange for shares of stock in a corporation. Consideration may be cash or a promissory note, equipment, property, or services rendered.
the process of giving careful thought to something
an item of value which is exchanged in a transaction
The detriment given by each party to a contract; e.g. the land by the seller and the money by the buyer.
A thing of value exchanged for something else of value.
the idea that something is or should be a certain way.
A characteristic of a legal contract: The thing of value exchanged for the performance promised in the contract. In insurance, the policy premium is the consideration.
One of the elements of a binding contract; the exchange of values by the parties to the contract. Such values may be money, promises, property, etc. In insurance, the policy owner's consideration is the first premium payment and the application; the insurance company's consideration is the contract itself.
A required element in all contracts by which something of value, including a promise, is exchanged for the act or promise of another.
The required element in all contracts by which a legal right or promise is exchanged for the act or promise of another party. The inducement to a contract.
The cash, services, or token given in exchange for property or services.
The price for the promise; the value moving from one party to the other. On our 'transfer of shares or stock' form, the consideration is the number of shares being transferred from our original subscribers to the new shareholder.
Consideration is a legal term used for all contracts. It is anything of value and can be tangible or intangible. It can take many forms including money, objects or a service.
The cause, motive, price or impelling force that induces a party to enter into a contract.
Something of value exchanged by a party to influence another party to enter into a contract.
In the context of a contract, consideration is something you get in exchange for the promises you make in a contract, e.g. money, promises in return. A contract requires consideration from both parties to be legally binding.
Something of value given or done as recompense that is exchanged by two parties; that which binds a contract.
Something which has value, such as real or personal property or a promise given in exchange for another promise.
Something of value that induces another party to engage in a contract.
a price to be paid, a promise to pay, or a promise to do something or not do something
A characteristic of a legal contract; the thing of value exchanged for the performance promised in the contract. With insurance contracts, the consideration that the insured gives is the premium payment. The consideration that the insurer gives is the promise to pay for certain losses suffered by the insured.
Anything of value given to induce entering into a contract, including money, personal services, love and affection (a contract must have some consideration to be legally binding).
Something that induces a person to enter into an agreement. Must be legal, have monetary or emotional value. In purchasing a property, the offer price is considered 'consideration' NOT the earnest money.
1. Something promised, given, or done that has the effect of making an agreement a legally enforceable contract. 2. A factor to be considered in forming a judgment or decision.
Something of value given in exchange for a promise.
Anything which is, legally, of value, and induces one to enter into a contract.
That which is received by the grantor in exchange for his or her deed.
The inducement for a party to enter into a legal agreement.
Something of value that is given in exchange for getting something from another person.
Anything of value given to induce another to enter into a contract. Earnest money deposit on a sales contract is consideration.
The price or thing (tangible or otherwise) given in exchange as part of an agreement or contract. For example, in a purchase and sale of real estate, the considerations are the buyer’s money and the seller’s property.
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.
One of the elements for a binding contract. Consideration for an insurance policy is acceptance by the insurance company of the payment of the premium and the statement made by the prospective policyholder in the application, balanced by the insurance company's promise to provide benefits in the case of loss.
Anything of value given by one party to induce another to enter into a contract. It may be money, personal services or even "love and affection."
In an insurance contract, the specified premium and agreement to the provisions and stipulations that follow.
Anything of value given to induce another to enter into a contract including money, service or a promise. This is essential to a valid contract.
What someone pays to someone else in exchange for receiving something in return.
In a contract, the price paid for the promise of the other party.See CONSUMERS.
Anything of value given to induce someone into entering into a contract.
In contract law, something of value. It may be money, an act, or a promise. It is one of the key element s required to have a binding contract. [D03473] GAT
Legal term used to describe the payment or other promise made for the goods or services provided by a supplier.
An act or forbearance, or the promise thereof, which is offered by one party to induce another to enter into a contract; that which is given in exchange for something from another.
Anything of value given to induce another to enter into a contract, such as money, services, goods or a promise.
The reason or benefit which motivates parties to enter into a contract.
Anything of value to induce another to enter into a contract, i.e.. money, services, a promise.
something of value to induce another party to enter into an agreement; in order for an option to be valid, value must be exchanged; the consideration in an option is the option money (or it could be a promissory note); the consideration in a lease is the promise to pay rent for the promise to provide possession of the property
Something of value for compensation.
In the law of contracts, an inducement to a contract. The cause, motive, or price, are impelling influences which induce a contracting party to enter into a contract.
An essential element of an enforceable contract; something of value given or promised by one party in exchange for an act or promise of another.
Anything that would entice a seller into a contract (example: money deposits).
One party's offer or promise of something that will be of value to the other party. In order to form a valid informal contract, the parties must exchange legally adequate consideration.
Inducement for which a party enters into a contract.
Price, token, or other matter used as an inducement for the completion of a contract, as an insurance premium.
The inducement for entering into a contract; it consists of either a benefit to the Promisor, or a loss or detriment to the Promisee.
A legal right or promise exchanged for the act, promise, or property of another person. For example, in a contract for the purchase of a piece of property, the property itself and the money paid (or promised to be paid) are the considerations made by the property seller and the new property owner, respectively.
The inducement to 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.
Something of value (usually money) exchanged for the act or promise of another person; a required element in a legally enforceable contract, such as a home sales contract.
That which is bargained for and given in exchange for property. Normally expressed in terms of money. See: Resources; Transfer of Property
legal term for payment in exchange for goods.
Anything that is legal, has value and induces a person to enter into a contract.
The element in a contract without which no contract is binding. The reason which causes the contracting parties to enter into a contract. The thing given in exchange for the benefit which is to be derived from a contract; the compensation. The act, promise price or motive for which an agreement is entered into.
(1) Something of value, such as money or personal services, given by one party to another in exchange for an act or promise. For example, amount paid for stock in a corporation. (2) Something promised, given, or done that has the effect of making an agreement a legally enforceable contract.
A required element in all contracts by which some-thing of value is exchanged for the act or promise of another (usually to purchase property).
Something of value given to induce another to enter into a contract. An agreement is not a legally binding contract unless the parties exchange consideration.
The price or subject matter which induces a contract; may be in money, commodity, exchange, or a transfer of personal effort.
Something of value exchanged between parties of a contract; money, services, goods or promises.
Something of value offered and accepted in exchange for a promise without which a contract is unenforceable.
the payment or promise of payment for goods or services, this being the premium in the case of insurance.
The value inducing another person to enter into a contract.
The inducement, price or motive that causes a party to enter into an agreement or contract. (See Compensation.)
A thing of value in the eyes of the law given in return for something else. Consideration in return for a promise renders the promise contractually binding.
With regard to Contract Law; it is anything of value given to induce entering into a contract. It does not have to be money, it can be personal services, an item of great value, or even love and affection. With regard to Documentary Transfer Taxes; it is the selling price minus any existing loans assumed by the buyer.
The inducement to a contract; the cause, motive or price which induces a contracting party to enter into an agreement, act or forbearance or promise thereof. It is an essential part of a binding contract. Consideration is either expressed or implied. The money, or whatever is being used in substitution of money, paid for the article or contract is "the consideration."
is the thing, usually money, which you pay, under a contract, in exchange for getting something else
A legal term used in connection with the exchange of something of value that forms a legal and binding contract. For the purpose of house purchase, a consideration is taken to mean the money the buyer pays in exchange for the freehold or leasehold of the property for sale.
The insurance premium paid to bind the Insurer to the performance of the contract.
An inducement, consisting of a thing that is legal and has value, for a person to enter into a contract. Alternately, the amount actually received from a sale after all expenses are deducted.
A thing of value that is negotiated as part of a contract.
One of the elements that make up an insurance contract, consideration is the offer made by the insurance company to the insured for payment of the premium and the statements made by the prospective policyholder on their application.
Anything of value given by parties to a contract.
One of the requirements for the formation of a valid informal contract that is met when each party gives or promises to give something of value to the other party.
The basis of a contract. Consideration is a benefit or right for which the parties to a contract must bargain; the contract is founded on an exchange of one form of consideration for another. Consideration may be a promise to perform a certain act -- for example, a promise to fix a leaky roof -- or a promise not to do something, such as build a second story on a house that will block the neighbor's view. Whatever its particulars, consideration must be something of value to the people who are making the contract.
Something of value given by a promisee to a promisor to make the promise binding.
The exchange of values on which a contract is based. In insurance, the consideration offered by the insured is usually the premium and the statements contained in the application. The consideration offered by the insurer is the promise to pay in accordance with the terms of the contract.
Something of value given up by the parties when entering into a contract. May be money or a promise to perform.
The ‘price’ for which a pledge is bought from one party when entering a contract with another.
Anything of value. An agreement for sale (purchase contract) generally requires the buyer to offer consideration in exchange for real property.
Consideration is something that is done or promised in return for a contractual promise. For example, in a promise between A and B for the sale of A's car to B, B's payment of the price of the car (or promise to do so) is the consideration for A's promise. Consideration is a central concept in the common law of contracts.
