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 ?
(186) A vote-for-vote exchange in which each party promises to vote for the other party's preferred candidate should be considered "valuable consideration." (187)
Numerous states have criminal prohibitions on the sale of organs for valuable consideration. (69) Contracts to commit an illegal act are, of course, unenforceable.
(67) The National Organ Transplant Act expressly prohibits trading organs for valuable consideration. The Act provides, "[i]t shall be unlawful for any person to knowingly acquire, receive or otherwise transfer any human organ for valuable consideration for use in human transplantation." (68) The voucher program arguably violates this provision because the donor's kidney is exchanged for a voucher promising the recipient priority for a future live donor kidney, which certainly can be considered valuable consideration.
Department of Justice, and other federal agencies, asserting that, among other legal and regulatory violations, Stem Express and Planned Parenthood may have illegally profited from sale or transfer of fetal tissue for "valuable consideration" (SPR, Chapter 4).
Daleiden was indicted on a second charge for "unlawfully, intentionally and knowingly" offering to buy fetal tissue "for valuable consideration" - the same charge he tried to secretly catch Planned Parenthood committing in undercover recordings of staff at a Houston clinic.
The presence of the following three elements constitutes a lottery: prize, chance and any valuable consideration. A prize is something of value (e.g.
It is unlawful for a person to "acquire, receive, or otherwise transfer human fetal tissue for valuable consideration." Physicians are prohibited from "alteration of the timing, method, or procedures used to terminate the pregnancy ...
In a list of prohibited acts for landlords under the city administrative code, the proposal adds a new subparagraph that reads, "initiate or continue contact with a tenant, or any member of such tenant's family or household regarding the payment of money or other valuable consideration to induce such tenant to relocate from his or her dwelling unit, after such tenant has notified the owner or his or her agent, verbally or in writing, that such tenant does not wish to be communicated with regarding the subject."
In turn, Universal paid valuable consideration for exclusive motion picture rights and has invested or will invest substantial resources in producing high-quality film adaptations that will satisfy fans of the novels while also presenting the trilogy's romantic story to a broader audience."
NOTA forbids the knowing acquisition, receipt, or transfer of any human organ for "valuable consideration for use in human transplantation if the transfer affects interstate commerce." (42) Superficially, NOTA's mandate appears to stand in direct contrast to the common-law requirements of contract.
Transfer for valuable consideration--often referred to as the transfer-for-value rule--states that if the policy, or any interest in the policy, is transferred for valuable consideration, then the proceeds received by the beneficiary shall only be exempt from income tax to the extent of the beneficiary's cost basis (IRC section 101[a][2]).