consideration

The inducement to a contract. The cause, motive, price, or impelling influence which induces a contracting party to enter into a contract. The reason or material cause of a contract. Some right, interest, profit or benefit accruing to one party, or some forbearance, detriment, loss, or responsibility, given, suffered, or undertaken by the other. Restatement, Second, Contracts, No.No. 17(1), 71. Richman v. Brookhaven Servicing Corp., 80 Misc.2d 563, 363 N.Y.S.2d 731, 733.

It is a basic, necessary element for the existence of a valid contract that is legally binding on the parties.

See also adequate consideration

- failure of consideration

- fair and valuable consideration

- fair consideration

- good consideration

- inadequate consideration

- love and affection

- past consideration

- valuable consideration

- want of consideration

considerations are either:

- executed or executory considerations

- express or implied considerations

- good or valuable considerations

@ concurrent consideration

One which arises at the same time or where the promises are simultaneous

@ continuing consideration

One consisting in acts or performances which must necessarily extend over a considerable period of time.

@ equitable considerations

@ moral considerations

@ equitable or moral considerations

equitable or moral considerations

Considerations which are devoid of efficacy in point of strict law, but are founded upon a moral duty, and may be made the basis of an express promise.

@ executed or executory considerations

@ executed considerations

@ executory considerations

executed or executory considerations

The former are acts done or values given before or at the time of making the contract; the latter are promises to give or do something in future.

@ express considerations

@ implied considerations

@ express or implied considerations

express or implied considerations

The former are those which are specifically stated in a deed, contract, or other instrument; the latter are those inferred or supposed by the law from the acts or situation of the parties.

Express consideration is a consideration which is distinctly and specifically named in the written contract or in the oral agreement of the parties.

@ gratuitous consideration

One which is not founded upon any such loss, injury, or inconvenience to the party to whom it moves as to make it valid in law.

@ illegal consideration

An act which if done, or a promise which if enforced, would be prejudicial to the public interest or contrary to law.

@ impossible consideration

One which cannot be performed.

@ legal consideration

One recognized or permitted by the law as valid and lawful; as distinguished from such as are illegal or immoral. The term is also sometimes used as equivalent to "good" or "sufficient" consideration.

@ nominal consideration

One bearing no relation to the real value of the contract or article, as where a parcel of land is described in a deed as being sold for "one dollar," no actual consideration passing, or the real consideration being concealed. This term is also sometimes used as descriptive of an inflated or exaggerated value placed upon property for the purpose of an exchange.

@ past consideration

An act done before the contract is made, which is ordinarily by itself no consideration for a promise. As to time, considerations may be of the past, present, or future. Those which are present or future will support a contract not void for other reasons.

+ past consideration

In contracts, a detriment suffered by a contracting party at a time antecedent to the formation of a contract and hence, except in unusual cases, is not legally sufficient consideration to support a contract.

In law of negotiable instruments, past consideration is sufficient to support a note or other negotiable instrument

@ pecuniary consideration

A consideration for an act of forbearance which consists either in money presently passing or in money to be paid in the future, including a promise to pay a debt in full which otherwise would be released or diminished by bankruptcy or insolvency proceedings.

@ sufficient consideration

One deemed by the law of sufficient value to support an ordinary contract between parties, or one sufficient to support the particular transaction

@