Synonyms for consideration at quickdiets.xyz with free online thesaurus, antonyms, and definitions. Find descriptive alternatives for consideration. consideration definition: 1. the act of thinking about something carefully: 2. a particular subject or fact that needs to be thought about when judging something: 3. Consideration definition is - continuous and careful thought. How to use consideration in a sentence.
In banking, the loan-amount is a consideration, in exchange for the borrower's promise to repay the principal and to pay interest and other charges. In insurance , the insurance company's offer to make a loss good is a consideration in exchange for payment of premium. Essential element of all enforceable commercial-contracts, it does not have to be 'adequate' or equal in value to the exchanged item but must be legal not in violation of any law.
Any commercial contract without a valid valuable and legal consideration is invalid and is called 'nudum pactum' Latin for, naked contract governed by the legal maxim 'ex nudo pacto non oritur actio' Latin for, a right of action does not arise from a naked contract. Use 'consideration' in a Sentence When we pay our insurance payments regularly we expect to receive fair consideration promptly in the event we need it.
Once he turned professional, Vincent promised himself not to do any design work -- even as a favor for a friend -- without some sort of monetary consideration.
When a jury is deliberating about a case it is very important that they take all the facts into consideration to get the correct judgement. You Also Might Like Knowing how much insurance you will need as a small business owner can be a challenging endeavor. Nevertheless, having the appropriate insurance policy can save a small business a lot of money.
In common law it is a prerequisite that both parties offer consideration before a contract can be thought of as binding. The doctrine of consideration is irrelevant in many jurisdictions, although contemporary commercial litigant relations have held the relationship between a promise and a deed is a reflection of the nature of contractual considerations.
If there is no element of consideration found, there is thus no contract formed. However, even if a court decides there is no contract, there might be a possible recovery under the doctrines of quantum meruit sometimes referred to as a quasi-contract or promissory estoppel. Systems based on Roman law including Germany  and Scotland do not require consideration, and some commentators consider it unnecessary and have suggested that the doctrine of consideration should be abandoned,  and estoppel used to replace it as a basis for contracts.
Lord Justice Denning famously stated that "The doctrine of consideration is too firmly fixed to be overthrown by a side-wind". The reason that both exist in common law jurisdictions is thought by leading scholars to be the result of the combining by 19th century judges of two distinct threads: The latter chimed well with the fashionable will theories of the time, especially John Stuart Mill 's influential ideas on free will, and got grafted on to the traditional common law requirement for consideration to ground an action in assumpsit.
Civil law systems take the approach that an exchange of promises, or a concurrence of wills alone, rather than an exchange in valuable rights is the correct basis. So if A promises to give B a book, and B accepts the offer without giving anything in return, B would have a legal right to the book and A could not change her mind about giving it to B as a gift.
However, in common law systems the concept of culpa in contrahendo , a form of estoppel , is increasingly used to create obligations during pre-contractual negotiations. Generally, courts do not inquire whether the deal between two parties was monetarily fair—merely that each party passed some legal obligation or duty to the other party. The values between consideration passed by each party to a contract need not be comparable. Courts in the United States generally leave parties to their own contracts, and do not intervene.
The old English rule of consideration questioned whether a party gave the value of a peppercorn to the other party. However, some courts in the United States may take issue with nominal consideration, or consideration with virtually no value. Some courts have since thought this was a sham. However, this is a minority position. A party that already has a legal duty to provide money, an object, a service, or a forbearance, does not provide consideration when promising merely to uphold that duty.
The prime example of this sub-issue is where an uncle gives his thirteen-year-old nephew a resident of the NY the following offer: On the nephew's 18th birthday, he tells the uncle to pay up, and the uncle does not pay. In the subsequent lawsuit, the uncle wins, because the nephew, by U. The same applies if the consideration is a performance for which the parties had previously contracted. An exception to this rule holds for settlements , such as an accord and satisfaction. Pre-existing duties relating to at-will employment depend largely on state law.
Generally, at-will employment allows the employer to terminate the employee for good or even no reason, and allows the employee to resign for any reason. There are no duties of continued employment in the future. Therefore, when an employee demands a raise, there is no issue with consideration because the employee has no legal duty to continue working. Similarly, when an employer demands a pay-cut, there is also no contractual issue with consideration, because the employer has no legal duty to continue employing the worker.
However, certain states require additional consideration other than the prospect of continued employment, to enforce terms demanded later by the employer, in particular, non-competition clauses. Contracts where a legally valueless term is bundled with a term that does have legal value are still generally enforceable. Consider the uncle's situation above. If the same uncle had instead told his year-old nephew the following offer: On the nephew's 21st birthday, he asks the uncle to pay up, and this time, in the subsequent lawsuit, the nephew may win.
Even though smoking is legally restricted until age 18, it is legal for those above 18, and thus the promise to forbear from it entirely has legal value. However, the uncle would still be relieved from the liability if his nephew drank alcohol, even though that consideration is valueless, because it was paired with something of legal value; therefore, adherence to the entire, collective agreement is necessary.
Generally, past consideration is not a valid consideration and has no legal value.
Definition of consideration - careful thought, typically over a period of time, a payment or reward, importance; esteem. Consideration definition: Consideration is careful thought about something. | Meaning, pronunciation, translations and examples. Define consideration (noun) and get synonyms. What is consideration (noun)? consideration (noun) meaning, pronunciation and more by Macmillan Dictionary.