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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 creation of a contract. The consideration must result from bargaining by the parties, and must be the thing that induces the mutual promises.ad·e·quate consideration: a consideration that is reasonably equivalent in value to the thing for which it is givenfair consideration: a consideration that is reasonable and given in good faith; specif: something with a reasonably equivalent value that under the laws of fraudulent conveyances is given in good faith in exchange for the transfer of propertygood consideration1: a consideration based on a family relationship or natural love and affection2: valuable consideration in this entry◇ When used as defined in sense 1 good consideration is the opposite of valuable consideration. However good consideration is also sometimes used to mean valuable consideration. Good consideration of the kind denoted by sense 1 cannot create an enforceable contract.new consideration: something according to section 6-106 of the Uniform Commercial Code that becomes payable in exchange for the transfer of bulk goodsnominal consideration: consideration consisting of a nominal amountpast consideration: something that has already been given or some act that has already been performed that cannot therefore be induced by the other party's thing, act, or promise in exchange and is not truly a considerationvaluable consideration: a consideration that confers some benefit having pecuniary value on one party to a contract or imposes a detriment having pecuniary value on the other
Merriam-Webster’s Dictionary of Law. Merriam-Webster. 1996.
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I
(contemplation) noun
advertency, advisement, attention, attentiveness, cogitation, consideratio, examination, forethought, heed, judgment, meditation, pondering, premeditation, reckoning, reflection, review, rumination, serious thought, speculation, study
associated concepts: due consideration
II
(recompense) noun
accommodation, benefits, bounty, compensation, defrayment, disbursement, emolument, fees, financial assistance, gratuity, guerdon, incentive, indemnification, indemnity, inducement, largess, payment, pecuniary aid, prize, reckoning, refund, reimbursement, remittance, remuneration, reparation, repayment, requital, restitution, return, reward, satisfaction, settlement, solatium, something of value, stipend, subsidy, sum
associated concepts: adequate consideration, collateral consideration, complete failure of consideration, consideration for a contract, due consideration, failure of consideration, fair and valuable consideration, fictitious consideration, founded on a consideration, fraud in consideration, full and adequate consideration, good and sufficient consideration, illegal consideration, illusory consideration, immoral consideration, lack of consideration, legal consideration, meritorious consideration, moral consideration, mutual consideration, new consideration, nominal consideration, partial failure of consideration, past consideration, pecuniary consideration, present consideration, sufficiency of consideration, valid consideration, want of consideration
foreign phrases:
- Ex turpi causa non oritur actio. — No cause of action arises out of an immoral or illegal consideration- In omnibus contractibus, sive nominatis sive innominatis, permutatio continetur. — In all contracts, whether nominate or innominate, there is implied an exchange.- L 'obligation sans cause, ou sur une fausse cause, ou sur cause illicite, ne peut avoir aucun effet — An obligation without consideration, or with a false one, or with an unlawful one, cannot have any effect.- Nuda pactio obligationem non parlt. — A naked promise does not create a binding obligation- Nudum pactum est ubi nulla subest causa praeter conventionem; sed ubi subest causa, fit obligatio, et park actionem. — A naked contract is where there is no consideration for the undertaking or agreement; but where there is a consideration, an obligation is created, and an action arises- Pacta quae turpem causam continent non sunt observanda. — Agreements founded upon an immoral consideration are not to be enforced.III (sympathetic regard) noun accommodation, attentiveness, beneficence, benevolence, benignity, care, chivalry, civility, clemency, compassion, complaisance, concern, considerateness, cordiality, courteousness, courtesy, courtliness, deference, delicacy, diplomacy, esteem, estimation, friendliness, gallantry, generosity, geniality, gentleness, good manners, graciousness, helpfulness, humanity, kindheartedness, kindliness, kindness, mercy, neighborliness, obligingness, politeness, regard, respect, solicitousness, solicitude, tact, tenderness, thought, thoughtful regard, thoughtfulness, understanding, unselfishness, willingness to please IV index advancement (loan), analysis, benevolence (disposition to do good), cause (reason), caution (vigilance), charity, clemency, comity, commission (fee), compensation, concept, concern (interest), conclusion (determination), contemplation, conviction (persuasion), cost (price), courtesy, credit (recognition), decorum, deference, deliberation, determinant, determination, dialectic, diligence (care), discretion (power of choice), discretion (quality of being discreet), discrimination (differentiation), emphasis, estimate (idea), examination (study), expense (cost), extenuating circumstances, fee (charge), forethought, hindsight, homage, honor (outward respect), honorarium, impression, incentive, inducement, interest (concern), judgment (discernment), judgment (formal court decree), lenience, magnitude, motive, notice (heed), observation, opinion (belief), opinion (judicial decision), pay, payment (remittance), perquisite, phase (aspect), philanthropy, point (item), prudence, reason (basis), recognition, recompense, reflection (thought), regard (attention), regard (esteem), requital, respect, reward, scrutiny, tip (gratuity), treatment, understanding (tolerance)
Burton's Legal Thesaurus. William C. Burton. 2006
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The price paid or the value delivered under a contract in return for goods or services. A contract may not be enforceable if there is no consideration.
Easyform Glossary of Law Terms. — UK law terms.
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n.The payment or reward essential to the formation of a contract and that persuades a person to enter the contract; something of value given in exchange for a performance or a promise.
The Essential Law Dictionary. — Sphinx Publishing, An imprint of Sourcebooks, Inc. Amy Hackney Blackwell. 2008.
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an exchange of promises by which each party makes a gain and suffers a detriment. The requirement for there to be consideration before there will be a legally binding contract in English law emphasises the theory held by many legal commentators and theorists that contract is based upon a bargain – something for something else. The consideration must be sufficient but need not be adequate: Chappell v . Nestlé [1960] AC 87 – i.e. it is still possible to make a bad bargain. The avoidance of a disbenefit might be sufficient, assuming there is no duress or fraud: Williams v. Roffey [1990] 1 All ER 512. Past consideration is not sufficient unless the original act was done by the promisor's request. Part payment of a debt in English law can only be discharged by full accord and satisfaction under the rule in Pinnel's Case (1602). The absence of consideration is fatal (Foakes v. Beer (1884) 9 AC 605), but the common law permits satisfaction if the creditor has requested payment of a smaller sum before the due date, requested payment at a different place or requested payment by different means. The doctrine of promissory estoppel in equity has been accepted as providing a basis for holding parties to agreements in the absence of consideration: see Central London Property Trust v . High Trees House [1947] 1 KB 130. See contract.
Collins dictionary of law. W. J. Stewart. 2001.
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A benefit or right for which the parties to a contract must bargain. In order to be valid, a contract must be 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 in return for a payment of $1,000 — or a promise not to do something, such as build a second story on a house that will block the neighbor's view (in return for money or something else). Whatever its particulars, consideration must be something of value to the people who are making the contract, even if the value is very low. Acts which are illegal or so immoral that they are against established public policy cannot serve as consideration. Examples include prostitution, gambling where it's outlawed, hiring someone to break a skater's knee, or paying someone to breach another agreement (back out of a promise).Category: Bankruptcy, Foreclosure & DebtCategory: Business, LLCs & CorporationsCategory: Personal Finance & RetirementCategory: Real Estate & Rental PropertyCategory: Small Claims Court & Lawsuits
Nolo’s Plain-English Law Dictionary. Gerald N. Hill, Kathleen Thompson Hill. 2009.
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Payment, in any form, under a contract.+ considerationUSASomething of value to which a party is not already entitled, given to the party in exchange for contractual promises. Consideration can take various forms, including a:• Monetary payment.• Promise to do something.• Promise to refrain from doing something.Consideration is one element critical to the formation of a contract and it must be adequate for the contract to be enforceable. For example, in California, an employer's promise to pay an employee for accrued and unused vacation time is inadequate consideration because under California law, employees are already legally entitled to receive payment for accrued and unused vacation time.Related links
Practical Law Dictionary. Glossary of UK, US and international legal terms. www.practicallaw.com. 2010.
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n. Something of value to either the promisee or the promisor of a contract (usually cash, but also property, a promise to do something or not to do something, and so on) that is given or will be given by the promisee to the promisor in exchange for a performance or a promise of a performance by the promisor. For the contract to be enforceable, the consideration must be something that the promisee, to his or her detriment or loss, is giving up, or something that benefits the promisor.@ gratuitous considerationConsideration that is neither a detriment or loss to a promisee nor a benefit to the promisor. For example, the promise to pay for an item with something that is worthless to both the promisee and the promisor is gratuitous consideration. A contract based on such consideration is unenforceable.=>> consideration.@ illegal considerationConsideration that contravenes the law, public policy, or the public interest. For example, the promise to physically harm someone in exchange for an item is illegal consideration. A contract based on such consideration is unenforceable.=>> consideration.@ nominal considerationConsideration that is so small that it has no meaningful value in light of the performance or promise that it is being exchanged for. For example, when buying a $10 million business for only one dollar, the dollar is nominal consideration. Traditionally, courts did not consider the value of the consideration when determining the enforceability of a contract, but today a nominal consideration might be viewed as evidence that the contract is unconscionable or is, in reality, a gift rather than a contract.=>> consideration.@ past considerationConsideration consisting of an act performed or promise given in the past. For example, the promise to pay a debt that one is already obligated to pay is past consideration. A contract based on such consideration is usually unenforceable because, typically, the original performance was done or the original promise was made for some reason other than to exchange it for the current performance or promise of the promisor.=>> consideration.@ sufficient considerationConsideration that is of a great enough value to be meaningful in light of the performance or promise that it is being exchanged for.=>> consideration.@ valuable considerationConsideration that is of a great enough value to be meaningful in light of the performance or promise that it is being exchanged for and that has a measurable financial value to either the promisee or the promisor.=>> consideration.@ consideration, failure of@ consideration, want of@
Webster's New World Law Dictionary. Susan Ellis Wild. 2000.
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Something of value given by both parties to a contract that induces them to enter into the agreement to exchange mutual performances.
Dictionary from West's Encyclopedia of American Law. 2005.
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I
Something of value given by both parties to a contract that induces them to enter into the agreement to exchange mutual performances.II The price bargained for and paid for a promise, goods, or real estate.
Short Dictionary of (mostly American) Legal Terms and Abbreviations.
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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. Consideration must be of value (at least to the parties), and is exchanged for the performance or promise of performance by the other party (such performance itself is consideration). In a contract, one consideration (thing given) is exchanged for another consideration. Not doing an act (forbearance) can be consideration, such as "I will pay you $1,000 not to build a road next to my fence." Sometimes consideration is "nominal," meaning it is stated for form only, such as "$10 as consideration for conveyance of title," which is used to hide the true amount being paid. Contracts may become unenforceable or rescindable (undone by rescission) for "failure of consideration" when the intended consideration is found to be worth less than expected, is damaged or destroyed, or performance is not made properly (as when the mechanic does not make the car run properly). Acts which are illegal or so immoral that they are against established public policy cannot serve as consideration for enforceable contracts. Examples: prostitution, gambling where outlawed, hiring someone to break a skater's knee or inducing someone to breach an agreement (talk someone into backing out of a promise).See also: contract
Law dictionary. EdwART. 2013.
