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valuable consideration

   Also found in: Dictionary/thesaurus, Medical, Legal, Encyclopedia, Wikipedia 0.01 sec.
valuable consideration

Any type of promise, benefit, or relinquishment of a right given by a party in order to receive something else in return,and which will result in a contract being legally enforceable. A contract to sell a home in consideration of love and affection is good consideration, but not valuable consideration.Good consideration is sufficient to prevent a deed from being set aside, but it is insufficient to enforce a contract.



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Easy Does It, Mom" is of valuable consideration to mothers who want to mother and stay clean at the same time.
Easy Does It, Mom" is of valuable consideration to mothers who want to mother and stay clean at the same time.
However, if a life insurance policy, or interest in a policy, is transferred for valuable consideration of any form, such as in a cash transaction or to satisfy mutuality of promises, then the income tax exclusion is not available to the beneficiary and the death proceeds are subject to federal income tax.
 
 
 
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