What is consideration?

Legal Q&ACategory: Law SchoolWhat is consideration?
cherry asked 4 months ago

what is consideration? give an example.

1 Answers
Dave Alden answered 3 months ago

Hi Cherry,
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 also conceal the actual price, if the consideration is vague. 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