����� In a bargained-for exchange, the consideration given by the promisor must induce the promisee to incur a legal detriment and/or provide a legal benefit to the promisor, either or both of which are sufficient to induce the promisor to make the promise.
People also ask, what are some examples of consideration?
Anything of value promised by one party to the other when making a contract can be treated as “consideration”: for example, if A signs a contract to buy a car from B for $5,000, A’s consideration is the $5,000, and B’s consideration is the car.
Moreover, what are the 6 types of consideration?
Me too!
- 1.An offer made by the offerer.
- 2.An acceptance of the offer by the offeree.
- Consideration in the form of money or a promise to do or not do something.
- Mutuality between parties to carry out the promises of the contract.
- Capacity of both parties in mind and age.
- Legality of terms and conditions.
What are the three types of legally sufficient consideration in the law of contracts?
An offer made by the promisor. An acceptance of the offer by the promisee. Consideration in the form of money or a promise to do or not do something. Mutuality between parties to carry out the promises of the contract.
What are three examples of valid consideration?
Examples include:
- Money.
- Services.
- Personal property.
- Real property.
- Promise to act.
- Promise to refrain from acting.
What does legal sufficiency mean?
Legal sufficiency means that the document has been reviewed and determined to be in compliance with applicable statutes, regulations, and procedures by an attorney in the OA legal counsel’s office.
What does legally sufficient mean?
Legally sufficient means that the document has been reviewed by an attorney in the DHS Headquarters (HQ) or Component legal office, and determined to be in compliance with applicable statutes, regulations, policies, and procedures.
What is considered sufficient consideration?
Sufficient consideration is a consideration deemed by law to be of sufficient value to support an ordinary contract between parties. It is also defined as a consideration that is sufficient to support a particular transaction.
What is the difference between legal sufficiency of consideration and adequacy of consideration?
Whereas adequate consideration demands that a contract constitutes a fair value, sufficient consideration only considers the value as a factor — irrespective of whether it is fair or not.
Which of these is an example of good consideration?
Good consideration is founded on moral obligation or on natural duty and affection. For example, consideration for love and affection within the degree are recognized by law. Other examples of good consideration are motives of natural duty, generosity, and prudence.