A legally binding contract needs three main elements: an offer, consideration, and acceptance. Consideration is kindness and thoughtful regard for others, or an act of thoughtfulness. For more about consideration, see Practice note, Contracts: formation: Consideration. Thus, consideration is a promise of something of value given by a promissor in exchange for something of value given by a promisee; and typically the thing of value is goods, money, or an act. Consideration requires (i) a bargain regarding terms of an exchange, (ii) a mutual exchange between the parties (i.e. Executory consideration consists of a promise to do something. Synonyms for giving consideration to include considering, as, for, now, seeing, since, after, given, granted and because. Several examples of consideration are as follows: Being granted shares in a business in exchange for providing unpaid se Something of value given by both parties to a contract that induces them to enter into the agreement to exchange mutual performances. provide security was binding. A one sided promise which is not supported by consideration is a gift. As with every part of a legal contract, there are rules that you need to follow to make sure that the contract is legally binding. In consideration of definition at Dictionary.com, a free online dictionary with pronunciation, synonyms and translation. However, carrying out an existing duty is not consideration, though doing something more could be. A consideration is an essential element in contract formation. A result of considering; an opinion or a judgment: Is it your consideration that I should apply? consideration must be "something of legally sufficient value" and may consist of the following: 1) A promise to do something that one has no prior legal duty to do. 3) The refraining from an action that one has a legal right to undertake (called a forbearance The law does not enforce gifts unless they are made by deed. It must be of value to both parties entering into a transaction . Antonyms for consideration. The judge had directed the jury to consider whether the material under consideration was repulsive, filthy, loathsome and lewd. A consideration is a legal term used to describe the exchange of something of value for something else or for a service. n. 1. For a contract to be valid, both parties to the contract usually need to have "consideration." Vocabulary exercises help you to learn synonyms, collocations and idioms. Conversely, agreeing to do something that is otherwise legally required, is not adequate consideration to a contract. 2. 3 people chose this as the best definition of consideration: The definition of conside... See the dictionary meaning, pronunciation, and sentence examples. The courts are concerned with the consideration and not their adequacy, provided it is of some value. This excludes promises of love and affection, gaming and betting etc. Consideration is an English common law concept within the law of contract, and is a necessity for simple contracts (but not for special contracts by deed).The concept of consideration has been adopted by other common law jurisdictions, including the US.. Consideration must also be bargained-for, meaning there is an exchange of promise and something of value where both parties gain a reward and receive a detriment in the contract. Consideration. This is the British English definition of in consideration of something.View American English definition of in consideration of something.. Change your default dictionary to American English. Consideration is something in return. 3 Simply stating that you should be considered for something is worthless without explaining why. Executed consideration takes the form of performing an act rather than a promise of performance. Treating others as you would have them treat you (the Golden Rule) is one example of consideration. Examples of consideration can include: Something that the promise will give to the promisor. Search with due consideration and thousands of other words in English definition and synonym dictionary from Reverso. Definition and synonyms of in consideration of something from the online English dictionary from Macmillan Education.. If you are asking for special consideration for something based on extenuating circumstances such as a medical issue, providing evidence in the form of a doctor’s note may help. In simple terms, consideration is the basic reason a party enters into a legal contract. Now, it has two aspects, either doing some act or abstaining from doing something. enforce the debt, but this was not done here. tion (kən-sĭd′ə-rā′shən) n. 1. a. Originally it meant to examine something very thoroughly, or carefully, as if you were staring at the night sky, contemplating its mystery. This ‘something in return’ need not necessarily be equal in value with “something given”. Consideration. Consideration is a payment made by one party to another in exchange for the transfer of something of value. It does not state how much consideration must be there. : The big problem is with those muppets who go out in their 4x4s and do not have any rules, consideration or code of conduct at all. Forbearance to act, such as an adult promising to refrain from smoking, is enforceable only if one is thereby surrendering a legal right. Define in consideration of. Legal consideration is something of value which is structured into a legal contract. Consideration. Another word for given due consideration. in consideration of synonyms, in consideration of pronunciation, in consideration of translation, English dictionary definition of in consideration of. Consideration is an essential element for the formation of a contract. Consideration meaning in law. Find more similar words at wordhippo.com! Related Content. Synonyms for consideration in Free Thesaurus. The law simply requires consideration. The carrying out of a specific act. The doctrine of consideration is based upon the idea that a promisee must give or promise to give something in return for the promise or unless the promisor has obtained or been promised something in return. Consideration must be something of value in the eyes of the law - (Thomas v Thomas) (1842) 2 QB 851. usu supp N (=factor) A major consideration when choosing a dog is the size of your house and garden. Consideration – Something of legal value is exchanged between the parties Types of consideration o Benefit to the promisor (money, good, service) (most common) o Detriment to the promisee (promise not to do something) o Promise to do something o Promise not to do something Exception: Promissory Estoppel Ex. (‘cause and consideration: a study paralled, Markesinis (1978) 37 cambridge lane journal 53) Forbearing to sue someone can be consideration if the action was honestly thought to be valuable. Let’s look at some examples: Example 1 – Doing something Payment, in any form, under a contract; any value given at the counterparty’s request can be good consideration, including any action, inaction, or a promise. Something of value given by both parties to a contract that induces them to enter into the agreement to exchange mutual performances. Intermediate and Advanced level grammar practice with progress tests. Dictionary ! 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. Look it up now! Careful thought; deliberation: We will give your proposal consideration. both parties must get something out of the contract), and (iii) the exchange must be something of value. Take (something) into consideration definition is - to think about (something) before one makes a decision or forms an opinion. If one party has consideration and the other does not, the contract may not be upheld if it is challenged in court. : The most important basic consideration for shades and blinds is proper measuring of the window. consideration. Menu ... the consideration must be something that the promisee, to his or her detriment or loss, is giving up, or something … Find more ways to say given due consideration, along with related words, antonyms and example phrases at Thesaurus.com, the world's … Consideration is an essential element for the formation of a contract. Does something (in the past, present or future) OR; Abstains from doing something (in the past, present or future) Then, this act of doing or abstinence is called Consideration. The other important factor regarding considerations is that you do not have to meet someone else's standard of value. There are a few requirements an agreement has to meet in order to be considered valid from a legal standpoint. It was held that normally in such a case, the bank would promise not to. Not doing something that the promise had the legal right to do. A consideration does not have to be money. By not suing, however, the bank. Collins v Godefroy (1831) Consideration is sometimes classified into 'executed' and 'executory' consideration; either is sufficient. 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. 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. 2) The performance of an action that one is otherwise not obligated to undertake. b. How to use take (something) into consideration in a sentence. 4 n-count A consideration is something that should be thought about, especially when you are planning or deciding something. had shown forbearance and this was valid consideration, so the agreement to. 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