consideration

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Consideration

Money or other payment provided in exchange for an act or service that helps a business. Consideration may be cash in which case, it is more like a sale or payment-in-kind. For example, a person may receive a certain amount of equity in a business in exchange for giving or allowing the business to use the person's intellectual property.

consideration

Something of value provided by one party to another. For example, a person might provide an idea or labor to a business in exchange for shares of ownership.

consideration

  1. something of value which is offered by a party to a CONTRACT in exchange for something of value received. Consideration usually takes the form of a monetary payment in exchange for GOODS or SERVICES received, but could involve, for example, the direct exchange of one product for another (as in BARTER).
  2. the sum of money paid by an investor to purchase SHARES, STOCKS, etc., or the proceeds from selling such securities before allowing for stockbroker's commission and other transfer expenses.

consideration

An act or a promise given by one person in exchange for an act or a promise from the other.The values do not have to be equal, and it has been said that one may promise to give a barleycorn in exchange for the promise to deed a castle,and it will be sufficient.It is a common misperception that earnest money is the component that makes a real estate contract enforceable. In reality, the promise to buy, and the promise to sell, is sufficient consideration. Consideration is an essential element for contract enforcement.

Consideration substitutes. Sometimes the law will permit enforcement of a contract even though one side or the other did not give consideration, if there was an allowed consideration substitute. The most common one is detrimental reliance, in which one person promises to do a thing gratuitously and another worsens his or her position in reliance on that promise. Under ordinary circumstances this would be a mere promise to make a gift, and unenforceable. Because of the detrimental reliance, however, it may become an enforceable contract.

Adequate consideration. If this is required by law, the consideration must be reasonably close to the value of the thing promised or exchanged.

Good consideration. The consideration is based on natural duty and affection or a moral obligation, such as property sold for “love and affection.”

Consideration of support. It is not uncommon for elderly parents to transfer property to their children “in consideration of care and support.” In most states, such transfers are voidable if the care and support are not forthcoming.

References in periodicals archive ?
The aim of Ultra Sites is to achieve ever greater integration of a contractor's supply chain to meet and exceed the Scheme's Code of Considerate Practice.
The Code of Considerate Practice commits those sites, companies and suppliers registered with the Scheme to care about appearance, respect the community, protect the environment, secure everyone's safety and value their workforce.
'That's why a tolerant and considerate attitude is key for our betterment,' he added.
The parliamentary secretary said that the Considerate Construction Scheme is another step forward and will raise the quality of life of all those working onsite and all those living in the area of a construction site.
It looks at the measures a site has put in place to be more considerate towards local neighbourhoods and the public, the workforce and the environment.
To be considerate, for example, a leader will consider whether he or she is taking into consideration the needs of the team being coached.
We would motorists considerate parking Dermot "The registered keeper was not from a local address, so could not immediately be traced, and none of the residents asked knew who the car belonged to.
A DEVELOPMENT of homes that has created a new community for older people in Loughborough has been recognised as one of the UK's most considerate sites by a national industry award.
Research released recently reveals that almost three quarters (70%) of UK drivers consider their belief in karma to play a key role in behaviour on the road, with 45% of those who have had their car damaged left wondering "what did I do to deserve this?" Car insurance provider Direct Line conducted research into the behaviour of UK drivers and their views on how a belief in karma affects how they treat others on the road, with 86% claiming to be considerate drivers most of the time, in the hope that this will in turn bring about good luck.
According to Pinol, the president appealed to the rice traders to be considerate in the pricing of rice.
Linfoot Country Homes was recently named the most considerate house building company in the UK by the Considerate Constructors Scheme thanks to its environmental sensitivity, staff care and safety and concern for the needs of neighbours.
Owen Jenkins - who was a talented runner and rugby player - has been described as a "friendly giant" and a "loving, kind, considerate and wellmannered lad", who would do anything to help anyone.