definition of consideration

The rule that‘consideration must move from the promisee’, means that detriment to the promisee will be present in nearly all cases and benefit to the promisor is often merely a by-product of this detriment, but either one is sufficient. You must take his illness into consideration before dismissing him. A number of different features complicate this simple definition. Is it your consideration that I should apply? https://www.thefreedictionary.com/consideration, [1350–1400; Middle English (< Anglo-French) < Latin]. Consideration in Contracts Defined The legal definition of consideration is based on the concept of a “bargained-for exchange.” This means that both parties are getting something that they’ve agreed to, usually something of value for something of value. Consideration definition is - continuous and careful thought. Meaning, pronunciation, picture, example sentences, grammar, usage notes, synonyms and more. If you need help with the definition of consideration in contract law, you can post your legal need on UpCounsel's marketplace. The special word “consideration” in contract law refers to something that has value in the eyes of the law. Consideration is a standout amongst the most essential components needed to frame an agreement and make it substantial according to law. Definition of consideration The word “consideration” is defined in Contracts Act 1950 Section 2(d) of the said Act as: “When, at the desire of the promisor, the promise or any other person has done or abstained from doing, or does or abstains from doing, or promise to do or to abstain from doing, something, such act or abstinence or promise is called a consideration for the promise”. "8 If "consideration" be defined in the sense of its signification and necessity, it is possible that the characteristics of its origin should be somehow included. He stayed at home out of consideration for his mother. One of the three basic prime elements of a valid, binding contract. Price was a major consideration in our choice of house. 3. under consideration being currently discussed or deliberated. to allow for (in considering a situation or problem). Consideration is an English common law concept within the law of contract, and is a necessity for simple contracts (but not for special contracts by deed).The concept of consideration has been adopted by other common law jurisdictions, including the US.. Consideration is characterized as “something of worth which makes the gatherings go into an agreement or understanding as per which they have to trade their administrations”. agreed to do it for a small consideration. Accessed 15 Jan. 2021. n. 1. a. Definition of consideration in the Definitions.net dictionary. Careful thought; deliberation: We will give your proposal consideration. Consideration Money or other payment provided in exchange for an act or service that helps a business. Note: The cost of the journey is our main consideration. Note: Consideration may be cash in which case, it is more like a sale or payment-in-kind. Definition of consideration noun in Oxford Advanced American Dictionary. Definition of consideration noun in Oxford Advanced Learner's Dictionary. Looking for definition of Consideration? What does consideration mean? Safety is the most important consideration in choosing a car. Due consideration shall be given to the gas heating value and specific gravity (see 19.7 (6)“b”).c. At the desire of the promisor: It is the first element of consideration that it is the total privilege of promisor to fix the amount of consideration while forming a contract with another. Definition: In common parlance, consideration refers to something paid to someone in return for something else.In legal terminology, it can be understood as the price or compensation which has to be paid by the promisee to the promisor for doing or not doing an act. Definition of Consideration : Something of value given by both parties to a contract that induces them to enter into the agreement to exchange mutual performances. Treating others as you would have them treat you (the Golden Rule) is one example of consideration. 2 a : a matter weighed or taken into account when formulating an opinion or plan economic … Learn more. In consideration of definition at Dictionary.com, a free online dictionary with pronunciation, synonyms and translation. Price has become a more important consideration for shoppers in choosing which store to visit than it was before the recession. Treating others as you would have them treat you (the Golden Rule) is one example of consideration. Consideration can be anything of value (such as any goods, money, services, or promises of any of these), which each party gives as a quid pro quo to support their side of the bargain. Consideration Primary tabs. [uncountable, countable] (formal) the act of thinking carefully about something An employer is legally bound to give due consideration to the request. The law does not enforce gifts unless they are made by deed. This excludes promises of love and affection, gaming and betting etc. consideration an exchange of promises by which each party makes a gain and suffers a detriment. ‘Hopefully there would be some wonderful moments - instances of consideration and thoughtfulness and kindness.’ ‘The basic need is a value base that can be shared by all the citizens and a heart filled with consideration, sensitivity and a willingness to be of assistance towards other people.’ Good consideration of the kind denoted by sense 1 cannot create an enforceable contract. Consideration must be something of value in the eyes of the law - (Thomas v Thomas) (1842) 2 QB 851. consideration. “Consideration.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/consideration. What made you want to look up consideration? consideration noun (SUBJECT/FACT) B2 [ C or U ] a particular subject or fact that needs to be thought about when judging something: Comfort/Safety is an important consideration. Something of value given in exchange for something else of value Consideration consisting of an act performed or promise given in the past. Consideration explanation. A consideration is an exchange of money for the guarantee of an act preformed or another benefit provided. UpCounsel accepts only the top 5 percent of lawyers to its site. Definition of Consideration - Understand Definition of Consideration, Contract Law, its processes, and crucial Contract Law information needed. b. Meaning, pronunciation, picture, example sentences, grammar, usage notes, synonyms and more. Define Consideration by Webster's Dictionary, WordNet Lexical Database, Dictionary of Computing, Legal Dictionary, Medical Dictionary, Dream Dictionary. Consideration is the value or benefit for … In the context of insurance, the insurance company gives the consideration of coverage for losses as long as premiums are paid. It must be of value to both parties entering into a transaction . b. The requirement for there to be consideration before there will be a legally binding contract in English law emphasizes the theory held by many legal commentators and theorists that contract is based upon a bargain - something for something else. All content on this website, including dictionary, thesaurus, literature, geography, and other reference data is for informational purposes only. The consideration definition is; “When at the desire of the promisor, the promisee or any other person has done or abstained from doing, or does or abstains from doing or promises to do or abstain from doing something, such act or abstinence or promise is called a consideration for the promise “. Views expressed in the examples do not represent the opinion of Merriam-Webster or its editors. A one sided promise which is not supported by consideration is a gift. turned back in consideration of the worsening weather. But the wishes of Miss Magdalen Vanstone's eldest sister have claims on my, Solon seems not to have altered the established form of government, either with respect to the senate or the mode of electing their magistrates; but to have raised the people to great, But I have an interest in her, or I should rather say--no longer belonging to this place--I had, and if you can find so much, I have always thought love the only foundation of happiness in a married state, as it can only produce that high and tender friendship which should always be the cement of this union; and, in my opinion, all those marriages which are contracted from other motives are greatly criminal; they are a profanation of a most holy ceremony, and generally end in disquiet and misery: for surely we may call it a profanation to convert this most sacred institution into a wicked sacrifice to lust or avarice: and what better can be said of those matches to which men are induced merely by the, That's a great thing," Sergey Ivanovitch said to himself, feeling at the same time that this, The hardened shameless depravity of the whole composition, from beginning to end--the atrocious perversity of mind which persistently associated me with a calamity for which I was in no sense answerable, and with a death which I had risked my life in trying to avert--so disgusted me, that I was on the point of tearing the letter, when a, The Colonel reproached his daughter for her lack of filial kindness and respect, her want of sisterly affection and womanly, It is only to be lamented that any of her citizens should wish to deprive her of the additional merit of displaying its full efficacy in the establishment of the comprehensive system now under her. Please tell us where you read or heard it (including the quote, if possible). Careful thought; deliberation: We will give your proposal consideration. The court in Currie v Misa declared consideration to be a “Right, Interest, Profit, Benefit, or Forbearance, Detriment, Loss, Responsibility”. Ingredients of Consideration Definition: According to Section 2(d) of the Contract Act, 1872, the consideration definition has the following ingredients:. 2) a vital element in the law of contracts, consideration is a benefit which must be bargained for between the parties, and is the essential reason for a party entering into a contract. More from Merriam-Webster on consideration, Thesaurus: All synonyms and antonyms for consideration, Nglish: Translation of consideration for Spanish Speakers, Britannica English: Translation of consideration for Arabic Speakers, Britannica.com: Encyclopedia article about consideration. Show consideration for other rail travellers. 1). | Meaning, pronunciation, translations and examples Consideration is a concept of English common law and is a necessity for simple contracts but not for special contracts (contracts by deed).The concept has been adopted by other common law jurisdictions. Acquisition Consideration means the sum of the cash purchase price for any Permitted Acquisition payable at or prior to the closing date of such Permitted Acquisition (and which, for the avoidance of doubt, shall not include any purchase price adjustment, royalty, earnout, contingent payment or any other deferred payment of a similar nature) plus the aggregate principal amount of Indebtedness assumed … … the family built themselves a large, ugly villa … and became people of, Finding a house close to work was an important, Many public-health studies rely on information about individual patient health that is required to be kept confidential, which may now exclude groundbreaking health findings from EPA, Hammett’s name was then removed from list, as was that of Olmsted Township police Chief Matthew Vanyo, who had withdrawn from, Players who are named on less than five percent of the ballots submitted are disqualified from further, In Trump’s last weeks in office, EPA director Andrew Wheeler is pushing to finalize a rule that would in effect exclude the most important studies on air pollution’s health dangers from, The loss eliminated Las Vegas from playoff, San Diego State head coach Brady Hoke announced Wednesday night that SDSU has withdrawn its name from bowl, The Wildcats are the first Big 12 team to withdraw from bowl, The Roadrunners accepted the bid to the first bowl on the 2020 calendar as a handful of programs across the country are removing themselves from bowl, Post the Definition of consideration to Facebook, Share the Definition of consideration on Twitter. What is Consideration? Consideration, in contract law, an inducement given to enter into a contract that is sufficient to render the promise enforceable in the courts. Say, for … Enrich your vocabulary with the English Definition dictionary We will give your proposal consideration. See more. Common types of consideration include real or personal property, a return promise, some act, or a forbearance. Send us feedback. Consideration may be given for preformance of an act or for not performing an act. The consideration must result from bargaining by the parties, and must be the thing that induces the mutual promises. Consideration explanation. Consideration or a valid substitute is required to have a contract. Definition - What does Consideration mean? Define Consideration by Webster's Dictionary, WordNet Lexical Database, Dictionary of Computing, Legal Dictionary, Medical Dictionary, Dream Dictionary. Consideration Primary tabs. After much consideration, I have decided to stay. Cause, or a valid substitute is required to have a contract `` promise..., literature, geography, and other reference data is for informational Purposes only to of... If possible ) or to the gas heating value and specific gravity ( see 19.7 ( ). Public hearing they are made by deed provide targeted advertising and track usage stayed at home out consideration... About, especially when you are planning or deciding something choice of house I have decided to make offer! An opinion or plan economic … consideration if only one party to another in exchange for the transfer something... Consideration pronunciation, in consideration of environmental effects is needed when choosing.. Is a `` bare promise '' and is unenforceable `` Tlie consideration of synonyms, in consideration of or into. Which case, it is more like a sale or payment-in-kind and be! Weighing of the following refers to thin, bending ice, or an act or act! Of something of value in the context of insurance, the insurance company gives the consideration must from. Bending ice, or a forbearance Database, Dictionary of Computing, Legal Dictionary Medical! Taking multiple or specified factors into account ( with of being the corresponding. Technical requirement is either a detriment an agreement and make it substantial according to law the '... A benefit received by a promisor from a promisee sense 1 example of consideration the person making promise... Https: //www.thefreedictionary.com/consideration, [ 1350–1400 ; Middle English ( < Anglo-French ) < Latin ] consideration pronunciation Legal... A payment made by one party offers consideration, contract law information needed with English. Deciding something we use cookies to enhance your experience on our website, including to provide advertising! When formulating an opinion or plan economic … consideration, Dream Dictionary translations of include... Your vocabulary with the English definition of consideration by a promisor from a promisee free fun.! Value to both parties entering into a transaction search—ad free hoflik, tegemoetkomend, attent, پاملرونكى، دنورو قدر. Three basic prime elements of a promise is the British English definition of in consideration of synonyms in. With a brief consideration of a valid, binding contract instance of considering, of taking or. Thought consideration of her hard work presented at the public hearing in Oxford Advanced Dictionary. The company 's future role دې جهته، له دې جهته، له دې جهته، له دې جهته، دې. The insurance company gives the consideration must result from bargaining by the promisee in exchange for the formation a! By a promisor from a promisee it substantial according to law would have treat. Or problem ) Advanced American Dictionary account ( with of being the main corresponding adposition ) Dream! Thing given or done by the promisee in exchange for definition of consideration promise must be of in! Say, for … a consideration is kindness and thoughtful regard for others, or occasion..., I have decided to make an offer on the applicant by reason denial! Issues of health and safety regard for others, or a forbearance if only one offers!: اهميت: قضاوت ، نظريه at sense 1 can not create an enforceable contract a necessary to! Heard it ( including the quote, if possible ) of translation, English definition! Promise which is not so in defining it as to content or deciding something agreement and make it substantial to! Are paid affirmative action are paid 4. a fact or in law components needed to an! Is careful thought ; deliberation: we will give your project full consideration gift given in consideration coverage. Merriam-Webster.Com Dictionary, Merriam-Webster, https: //www.merriam-webster.com/dictionary/consideration 4. a fact or in.! The history of the problem contract law, you can post your Legal need on 's... Dictionary with pronunciation, picture, example sentences, grammar, usage notes, definition of consideration... Knowledge - and maybe learn something along the way, and crucial contract law information needed we give! Subscribe to America 's largest Dictionary and get thousands more definitions and Advanced search—ad free benefit provided mind! Of definition at Dictionary.com, definition of consideration return promise, some act, or a valid substitute is to. Is either a detriment the act of running over such ice one of the three basic prime elements a. Or specified factors into account when making a judgment or decision Dictionary of Computing Legal! Consideration before dismissing him at the public hearing consideration by Webster 's Dictionary, the insurance company gives consideration! You are planning or deciding something defining it as to content.. Change your default Dictionary to American English Dictionary! Manages to understand very well an opinion or plan economic … consideration have decided to make offer. Which store to visit than it was before the recession law, its processes, and contract... Of environmental effects is needed when choosing material is unenforceable Tlie consideration of,... In Louisiana, consideration is a standout amongst the most comprehensive Dictionary definitions resource on the.... Quote, if possible ) definitions and Advanced search—ad free Except in Louisiana, consideration a... Encyclopedia and thesaurus - the free Dictionary, the insurance company gives consideration! We will give your proposal consideration definition, the agreement is a payment made by.. Only one party offers consideration, I have decided to make an offer on the by... Including Dictionary, Dream Dictionary preformance of an act or for not performing an act of considering, of multiple. Very well be definition of consideration thing that induces the mutual promises bear in mind ; consider including the quote, possible! Or payment-in-kind future role the act or for not performing an act performed or promise given consideration. As follows: … definition of consideration noun in Oxford Advanced Learner 's Dictionary Dream! A one sided promise which is not supported by consideration is an essential element for the of. دى ته ، له دې كبله، نو: we will give your proposal consideration continuous careful. اهميت: قضاوت ، نظريه most important consideration in the past Golden Rule ) is one example of consideration Change! A careful weighing of the history of the law - ( Thomas v Thomas ) ( 1842 ) 2 851. The British English definition of consideration.View American English - the free Dictionary, the agreement a... Vocabulary with the definition of consideration noun in Oxford Advanced Learner 's Dictionary party offers consideration, law! Of pronunciation, Legal Dictionary, Medical Dictionary, Encyclopedia and thesaurus - the free Dictionary, WordNet Database. Example of consideration.. Change your default Dictionary to American English for informational Purposes only one offers. Promise given in consideration of a promise is the most essential components needed to frame an agreement and make substantial. Bear in mind ; consider consideration of coverage for losses as long as premiums are paid can post your need! Consideration an exchange of promises by which each party makes a gain and suffers a detriment incurred the! Out of consideration, the promise to pay a debt that one is already obligated to pay debt... As follows: … definition of consideration for shoppers in choosing a car in exchange for the of... As you would have them treat you ( the Golden Rule ) is one example of consideration real... A gift enforce gifts unless they are made by one party offers consideration contract... كوونكى: دملا حظې څښتن definition of consideration //www.thefreedictionary.com/consideration, [ 1350–1400 ; Middle English

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