CONSIDERATION

Consideration

Consideration is the concept of legal value in connection with contracts. It is anything of value promised to another when making a contract. It can take the form of money, physical objects, services, promised actions, abstinence from a future action, and much more. Consideration to create a legally enforceable contract entails a bargained for, detriment incurred by the promisee OR a benefit to the promisor. <http://lscontent.westlaw.com/images/content/CalamariContracts.pdf/>Under the notion of "pre-existing duties", if either the promisor or the promisee already had a legal obligation to render such payment, it cannot be seen as consideration in ...

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consideration

Noun

  1. The thought process of considering, of taking everything into account.
    ''After much consideration, I have decided to stay.
  2. Something considered as a reason or ground for a (possible) decision.
  3. The tendency to consider others.
    ''You showed remarkable consideration in giving up your place for your friend.
    ''Will you noisy children show some consideration and stop your infernal screaming? I'm trying to study!
  4. A payment or other recompense for something done.
    ''Sure I'll move my car, but only for a consideration.
  5. A matter of inducement for something promised; something valuable given as recompense for a promise, which causes the promise to become binding as a contract.
  6. Importance, claim to notice, regard.


The above text is a snippet from Wiktionary: consideration
and as such is available under the Creative Commons Attribution/Share-Alike License.

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