valuable consideration


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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.

References in periodicals archive ?
Concerning the documents for good and valuable consideration as well the gifts that are only disinterested acts, the heirs who are entitled to a portion of an inheritance have the quality of heirs at law, these acts being enforceable (9).
Valuable consideration also does not include the consideration paid to a donor of human eggs or sperm by a fertilization clinic or sperm bank, as well as any other consideration expressly allowed by federal law.
49) Within the meaning of the Act, valuable consideration includes "reasonable payment for the removal, processing, disposal, preservation, quality control, storage, transportation, or implantation of a part.
Note that time periods are now triggered by the receipt of non-refundable non-monetary valuable consideration from a prospective franchisee.
The covenant must be supported by valuable consideration.
They are facing the loss of not only immediate income but also a unique lifetime benefit that has become an important and valuable consideration for those who choose a military career.
Any payment permitted under the authority must not violate section 301 of the National Organ Transplant Act of 1984 (NOTA), which makes it "unlawful for any person to knowingly acquire, receive, or otherwise transfer any human organ for valuable consideration for use in human transplantation if the transfer affects interstate commerce.
MD Investors has also agreed to provide various other forms of valuable consideration to unsecured creditors.
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.
However, if a life insurance policy or interest in one is transferred for valuable consideration of any form, such as cash or mutuality of promises, then the income tax exclusion is not available, and the proceeds are taxable.
Under the National Organ Transplant Act, valuable consideration refers to money, not organs.
Section 440 of the New York Real Property Law defines a real estate broker as "any person, firm or corporation, who, for another and for a fee, commission or other valuable consideration, lists for sale, sells, at auction or otherwise, exchanges, buys or rents, or offers or attempts to negotiate a sale, at auction or otherwise, exchange, purchase or rental of an estate or interest in real estate" In a sublease barter transaction, the right to proceeds from a sublease is being exchanged by a tenant for goods and services being provided by the bartering firm.