What is considered valuable consideration?

A benefit conferred or a detriment incurred by a party in exchange for another’s promise. Valuable consideration may be non-monetary as long as it is of some value to one or both parties. Also called good and valuable consideration and legal consideration.

What is the difference between good consideration and valuable consideration?

The distinction between a good and valuable consideration is this, — that a good consideration makes the instrument (a deed of conveyance, &c,) good as between the parties; but a valuable consideration makes the conveyance good against a subsequent purchaser (r).

What is good consideration in contract law?

To be good consideration, it must have some value, even though it is very small value. Which mean that when the parties exchange the value, so exchanging the value, it has to be sufficient but need not to be adequate.

What are the three requirements of consideration?

There are three requirements of consideration: 1) Each party must make a promise, perform an act, or forbear (refrain from doing something). 2) Each party’s promise, act, or forbearance must be in exchange for a return promise, act, or forbearance by the other party.

What to do you mean by monetary consideration?

The term “consideration” is a concept in English law that refers to the price paid in exchange for the fulfillment of a promise. In simple terms, anything of value that is promised by one party to another can be viewed as a consideration.

How much time does a seller have to accept a buyer’s offer if the offer does not have an expiration date?

In theory, sellers can take as long as they want before responding to an offer, but most listing agents get back to buyers within a few days. For the most part, 24 to 48 hours seems to be the standard observed by most sellers and their agents, but there are some exceptions.

Is future consideration good consideration?

A promise to do something in the future may constitute valid consideration. However, past consideration is generally not sufficient to support a contract.

What is a good consideration?

good consideration. Usually signifies something founded on moral obligation or affection for the value necessary to support an enforceable contract.Many deeds will recite they are in consideration of love and affection.This is good consideration,and is sufficient,but it is not valuable consideration.

What is a valuable consideration in real estate?

Real estate contracts aren’t enforceable unless the parties have exchanged something of value, called consideration. “Valuable” consideration is money or something that has monetary value. “Good” consideration, which is non-material, might consist of affection or good will.

What is a sufficient consideration?

Sufficient consideration is a consideration deemed by law to be of sufficient value to support an ordinary contract between parties. It is also defined as a consideration that is sufficient to support a particular transaction. Sufficiency-of-Evidence Test.

What does consideration mean in a contract?

Consideration in a contract is the exchange of anything of value by each party. Most often, services or goods are exchanged or promised in a contract, though consideration may be whatever the parties agree to. Examples include: Money. Services. Personal property. Real property. Promise to act.