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 ?
RL 33902, LIVING ORGAN DONATION AND VALUABLE CONSIDERATION 4 (2010) (observing that the Norwood Act relieved concerns that paired donations violate NOTA).
Currently, transfers for valuable consideration between same-sex married partners are not treated as transfers between spouses for federal tax purposes and are subject to the rules for transfers between nonspouses, according to the 1996 Defense of Marriage Act.
These agreements can be concluded for valuable consideration, but that does not transform the elements of the human person in heritage elements because the heritage acquires only alienable assets.
But if the testate does not have heirs who are entitled to a portion of an inheritance, he could freely dispose of his inheritance either through documents with gratuitous use, or through documents for good and valuable consideration.
In the Texas statute at issue, unrecorded conveyances are void as to creditors and bona fide purchasers without notice, but between the parties and as to purchasers with notice or who have not given valuable consideration, such conveyances are valid and binding.
In March 2002, Jerry Rubenstein purchased a condo in which they lived and nine months later transferred the condo to Scott Rubenstein for $10 and "other good and valuable consideration.
There is valuable consideration of the extent to which apparently secular movements, among them Oxfam and Amnesty International, can be considered faith-based and even faith-inspired.
There are few exceptions, such as when a life insurance policy has been transferred for valuable consideration.
Here is an overview of some of the comments being made by organizations, and individuals on the pros and cons of the lawsuit and the IJ's challenge over the NOTA valuable consideration ban on offering compensation (in some form) to bone marrow donors.
Under the transfer for value rule, if a policy is transferred for a valuable consideration, the death proceeds will be taxable as ordinary income, except to the extent of the consideration, the net premiums and certain other amounts paid by the transferee.
Easy Does It, Mom" is of valuable consideration to mothers who want to mother and stay clean at the same time.
Koptsiovsky requested the dismissal because "he will receive satisfaction for the harm he sustained" in the form of "monetary payment and other valuable consideration.