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What is consideration?

Anonymous
 Anonymous
(@Anonymous)
Guest

what is consideration? give an example.

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Posted : 02/10/2020 11:16 pm
Dave Alden
(@dave)
Member Moderator

Finding the definition of a legal term using Legal.com’s Legal Research tool is easy. Just put “def:” (without the quotes) in front of the word. In this instance, your search would be def:consideration. This instantly gives you search results from multiple dictionaries.

The first result is:
b : the inducement to a contract or other legal transaction specifically : an act or forbearance or the promise thereof done or given by one party in return for the …

Consideration is what someone gives up, in exchange for something else, in a contract. So if you’re buying or selling a car, in consideration of $10,000 …

You can conceal the actual price, too. For example, you could say “in consideration of $1 plus other good and valuable consideration.” This might apply when making a gift, when part of the consideration is love and affection.

Hope this helps!

 — Dave

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Posted : 16/02/2021 6:39 am
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