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Consideration Law

What is consideration?

Consideration is legally connected with many different kinds of contracts. A Consideration is where anything of value is promised to another person when making a trade, and continuing to make a contract. A consideration contract can include many different things such as money, any objects, different services, actions, abstinence from an action and many more. Under the idea of pre-existing duties if either the “promisor” or the “promisee” has already had a legal contract to submit, it cannot be seen as consideration in the legal sense. Continue to read below where you will find that many people have came to the Legal Experts online to gain more information pertaining to their consideration issues.

What is failure of consideration?

Failure of consideration is defined as not delivering goods or services that were promised in a contract. When an individual has made an agreement on either a good or service and the goods received were either damaged or worthless, that is considered failure of consideration. When this occurs the individual whose contract or agreement was broken, normally takes legal action against the other.

When is a contract not enforceable due to consideration?

When an agreement fails because of consideration, which is when a person does not receive something in a trade for their promise. This often happens when one person is insists on an adjustment to a contract. Also a consideration requirement avoids an individual to be held accountable for unjustified promises. It is very common for people to make all kinds of statements without thinking, and the law does protect those people from being accountable for something when they really did not mean for something to happen.

What are the requirements that need to be a contract consideration?

The basics for creating a legal contract is an some sort of offer or an agreement that both parties must be capable of complying with the agreement, the contract must be of a legal subject matter, both of the parties must be in agreement, consideration, both parties must be obligated by the contract and only if it is required under the Statue of Frauds this contract needs to be in writing.

What makes up a contract?

A contract is recognized by any kind of offer; both of parties will need to accept the offer and consideration. Consideration is the legal idea that describes something of value and then is traded for either an action or promise. Without consideration there can be no contract, and the delivery of anything of value from one party to another would in actuality be considered a gift.

When making up a contract between two parties, many questions can arise, as to what needs to be legally stated in the contract, and what will make the contract enforceable, and what will happen is someone is objected to failure of consideration. These many specific questions can be answered when you contact the Legal Experts online who are available many hours throughout the day.
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    For Irwin Law Only.

    Last year I was informed that it was legal to quit claim deed a piece of property that is a null (a piece of property that has never been claimed, never taxed and is not owned). So I wrote up a quit claim deed
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    Is this legal. for one and two can I legally sell the acreage. On this quit claim Deed it is 8 pieces of property never claimed and taxed and totaling about 50 acres.
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    I need a simple standard form to transfer non-voting shares of an LLC to a family member? LLC is owned by husband-wife and want to transfer 2% to daughter (minor). LLC is in NYC. Don't want big legal expense
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