Consideration Under American Law
Consideration is the central concept in the common law of contracts and is required, in most cases, for a contract to be enforceable. Consideration is the price one pays for another's promise. It can take a number of forms: money, property, a promise, the doing of an act, or even refraining from doing an act. In broad terms, if one agrees to do something he was not otherwise legally obligated to do, it may be said that he has given consideration. For example, Jack agrees to sell his car to Jill for $100. Jill's payment of $100 (or her promise to do so) is the consideration for Jack's promise to give Jill the car.
Read more about Consideration Under American Law: Elements of Consideration, Lack of Consideration, Exceptions To The Consideration Requirement, Contract Modification, Theories of Consideration, Purposes of Consideration
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... There are three main purposes cited for the consideration requirement ... The first is the cautionary requirement - parties are more likely to look before they leap when making a bargain than when making an off-the-cuff promise of a gift ...
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