Consideration Under American Law
Consideration is the central concept in the common law of contracts and is required, in most cases, for a contract to be enforceable. Consideration is the price one pays for another's promise. It can take a number of forms: money, property, a promise, the doing of an act, or even refraining from doing an act. In broad terms, if one agrees to do something he was not otherwise legally obligated to do, it may be said that he has given consideration. For example, Jack agrees to sell his car to Jill for $100. Jill's payment of $100 (or her promise to do so) is the consideration for Jack's promise to give Jill the car.
Read more about Consideration Under American Law: Elements of Consideration, Lack of Consideration, Exceptions To The Consideration Requirement, Contract Modification, Theories of Consideration, Purposes of Consideration
Famous quotes containing the words american and/or law:
“Those who sit in a glass house do wrong to throw stones about them; besides, the American glass house is rather thin, it will break easily, and the interior is anything but a gainly sight.”
—Emma Goldman (18691940)
“Theres no law against taking off a spaceship. Its never been done so they havent gotten around to prohibiting it.”
—Rip Van Ronkel, and Robert A. Heinlein (19071988)