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Consideration is a concept of legal value in contract law. It is a promised action, or omission of action, that the promisee did not already have a pre-existing duty to abide by. It can take the form of money, physical objects, services, or a forbearance of action. Both parties to a contract must pass consideration to the other party for there to be a valid contract.

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Wikipedia About Consideration

Consideration is a concept of legal value in contract law. It is a promised action, or omission of action, that the promisee did not already have a pre-existing duty to abide by. It can take the form of money, physical objects, services, or a forbearance of action. Both parties to a contract must pass consideration to the other party for there to be a valid contract.

However, even if a court decides there is no contract, there might be a possible recovery under Quantum meruit (sometimes referred to as a Quasi-contract) or promissory estoppel.

Basic examples of consideration

If A signs a contract to buy a car from B for $5,000, A's consideration is the $5,000, and B's consideration is the car.

Additionally, if A signs a contract with B such that A will paint B's house for $500, A's consideration is the service of painting B's house, and B's consideration is $500 paid to A.

Further, if A signs a contract with B such that A will not repaint his own house in any other color than white, and B will pay A $500 per year to keep this deal up, there is also consideration. Remember, A did not promise to affirmatively do anything, but because A promised not to do something that he was allowed to do, A did pass consideration. A's consideration to B is the forbearance in painting his own house in a color other than white, and B's consideration to A is $500 per year.

Conversely, if A signs a contract to buy a car from B for $0, B's consideration is still the car, but A is giving no consideration, and so there is no valid contract.

There are a number of common sub-issues as to whether consideration exists in a contract.

Value of consideration

Generally, US courts do not inquire whether the deal between two parties was monetarily fair -- merely that each party passed some legal obligation or duty to the other party.

The values between consideration passed by each party to a contract need not be comparable. For instance, if A offers B $200 to buy B's mansion, luxury sports car, and private jet, there is still consideration on both sides. A's consideration is $200, and B's consideration is the mansion, car, and jet. Courts in the United States generally leave parties to their own contracts, and do not intervene when parties knowingly make bad deals.

Nominal consideration

Although courts in the United States tend not to look at the value of consideration, there is one exception.

The old English rule of consideration questioned whether a party gave the value of a peppercorn to the other party. As a result, contracts in the United States have sometimes have had one party pass nominal amounts of consideration, typically citing $1. Some courts have since thought this was a sham. Since contract disputes are typically resolved in state court, some state courts have found that providing $1 to another is not a sufficiently legal duty, and therefore no legal consideration passes in these kinds of deals, and subsequently, no contract is formed.

Search results for Consideration

consideration - Definition of consideration at YourDictionary.com

consideration synonyms. consideration usage examples and consideration quotes. ... careful: Careful consideration will have to be given to a claim where the ...www.yourdictionary.com/consideration

Legal Definition of Consideration

Some right, interest, profit or benefit accruing to the one party of a contract, or some forbearance, detriment, loss or responsibility given, suffered or undertaken ...www.duhaime.org/LegalDictionary/C/Consideration.aspx

consideration - definition of consideration by the Free Online ...

Information about consideration in the free online ... consideration ... reconsideration - a consideration of a topic (as in a meeting) with a view to ...www.thefreedictionary.com/consideration

"Consideration" Defined

... "Consideration" ... A consideration of some sort or other is so absolutely necessary ... be utterly impossible, in fact or in law, the consideration is void. ...www.lectlaw.com/def/c098.htm

Contracts and Contract Law > Part 3: Consideration & Deeds

Consideration has a unique meaning in law; different from the oridinary English meaning. ... The consideration cannot be something or some act which is illegal, ...www.duhaime.org/LegalResources/Contracts/tabid/339/articleTy...

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News about Consideration

No consideration for Perth motorists

The West AustralianRE: Freeway chaos continues as roadworks plague peak hour This is bad planning by the people responsible for roadworks. The Mitchell Freeway is a nightmare on any morning. It is a stressful and frushttp://www.thewest.com.au/default.aspx?MenuId=9&ContentID=14...

Interim coach DiLeo withdraws himself from consideration for 76ers head job

Minneapolis-St. Paul Star TribunePHILADELPHIA - Philadelphia 76ers interim coach Tony DiLeo has withdrawn his name from consideration for the permanent coaching job. Sixers general manager Ed Stefanski said DiLeo decided Monday to return to his old job in the front office, citing family reasons.http://www.startribune.com/sports/wolves/44753762.html

Kincora proposal nearing consideration

Loudoun Times-MirrorKincora proposal nearing considerationhttp://www.loudountimes.com/news/2009/may/12/kincora-proposa...

Skywest admits dual-listing consideration

ShareCast via Yahoo! UK & Ireland FinanceSkywest, Western Australia's largest regional airline, denied rumours that it was considering switching to the Australian stock market from AIM but said it is mulling a dual listing.http://uk.biz.yahoo.com/090513/214/il6d8.html

Valero Says State Law Would Threaten Memphis Refinery (Update1)

BloombergMay 13 (Bloomberg) -- Valero Energy Corp., the largest U.S. oil refiner, said a bill under consideration by Tennessee lawmakers may force the company to shutter its 195,000-barrel-a- day Memphis refinery.http://www.bloomberg.com/apps/news?pid=20601072&sid=awukeoX3...

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Plan to charge 50p per alcohol unit ‘could double the price of booze ...

Belfast TelegraphAnother Labour MP, Kevin Barron, chairman of the Commons Health Committee, said the idea at least deserved consideration even if it proved unpopular with voters. Drink-related illnesses cost the NHS £3bn a year, while the total expense to ... http://www.belfasttelegraph.co.uk/news/health/plan-to-charge...

U.S. to Toughen Finance Rules

Wall Street JournalSome in Congress believe it should belong to the Fed, while others are pushing for consideration of the Federal Deposit Insurance Corp. Mr. Geithner also wants to streamline the way the government oversees banks to prevent lenders from seeking out the ... http://online.wsj.com/article/SB123717148665837323.html

Vatican considers first UK visit of pope for 30 years

Guardian UnlimitedAfter the meeting a senior Vatican official said the invitation would be taken into "serious consideration". Tony Blair also offered an invitation to the pope while he was prime minister, and in 2006 Cardinal Cormac Murphy-O'Connor, the Archbishop of ... http://www.guardian.co.uk/world/2009/mar/16/pope-visit-uk

Axle Whitehead on target for Cleo's Bachelor of the Year

News.com.auBut missing in the mix is AFL player Ben Cousins, who withdrew months ago, after organisers put him up for consideration against his will. Other contenders are Home and Away actor Luke Jacobz, Channel V presenter Danny Clayton, So You Think You Can ... http://www.news.com.au/heraldsun/story/0,21985,25192387-5012...

Woods: LeBron or Kobe Will Win MVP

Washington PostIn Woods's mind, Dwyane Wade of the Heat merits consideration for the top individual honor, but the world's No. 1 golfer expects either the Cavaliers' LeBron James or the Lakers' Kobe Bryant to actually win the award. "D-Wade has now gotten himself into ... http://www.washingtonpost.com/wp-dyn/content/article/2009/03...

Search results for Consideration

consideration: West's Encyclopedia of American Law (Full Article) from ...

consideration n. Careful thought; deliberation: We will give your proposal consideration. A result of considering; an opinion or a judgment: Is ithttp://www.answers.com/topic/consideration

consideration - Definition of consideration at YourDictionary.com

noun. the act of considering; careful thought or attention; deliberation; thoughtful or sympathetic regard for others; something that is, or should be, considered, as in making a ... http://www.yourdictionary.com/consideration

"Consideration" Defined

Definition of "Consideration" ... CONSIDERATION - The inducement, price or motive that causes a party to enter into an agreement or contract.http://www.lectlaw.com/def/c098.htm

consideration - definition of consideration by the Free Online ...

con·sid·er·a·tion (k n-s d-r sh n) n. 1. a. Careful thought; deliberation: We will give your proposal consideration. b. A result of considering; an opinion or a judgment: Is it ... http://www.thefreedictionary.com/consideration

consideration: meaning and definitions — Infoplease.com

consideration: Definition and Pronunciation ... con•sid•er•a•tion Pronunciation: (k u n-sid" u-rā'sh u n), — n. 1. the act of considering; careful thought; meditation ... http://dictionary.infoplease.com/consideration

Wikipedia results for Consideration

Consideration - Wikipedia, the free encyclopedia

Consideration is a concept of legal value in contract law. It is a promised action, or omission of action, that the promisee did not already have a pre-existing duty to abide by.http://en.wikipedia.org/wiki/Consideration

Consideration under English law - Wikipedia, the free encyclopedia

Consideration is one of the three main building blocks of a contract in English contract law. Consideration can be anything of value (such as an item or service), which each party ... http://en.wikipedia.org/wiki/Consideration_under_English_law

Consideration under American law - Wikipedia, the free encyclopedia

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 ... http://en.wikipedia.org/wiki/Consideration_under_American_la...

Contract - Wikipedia, the free encyclopedia

While consideration need not be adequate, contracts in which the consideration of one party greatly exceeds that of another may nevertheless be held invalid for lack of real ... http://en.wikipedia.org/wiki/Contract

Consideration and Initiating Structure - Wikipedia, the free ...

Consideration and Initiating Structure are two dimensions of leader behavior identified as a result of the Ohio State Leadership Studies. According to the findings of these studies ... http://en.wikipedia.org/wiki/Consideration_and_Initiating_St...
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James Scott: For Your Consideration...

James Scott: For Your Consideration / soaphunks.netJames Scott, a 2006 Best Hunk nominee in the 8th Annual Soaphunks.net Awards, is highlighted in this "For Your Consideration" compilation video. Vote December 2006 at...Flash - Video

Gupta pulls from consideration

Gupta pulls from considerationLarry talks with Dr. Sanjay Gupta about why he chose to withdraw from consideration for the post of Surgeon General.Windows Media - Video

Kennedy withdraws Senate seat consi...

Kennedy withdraws Senate seat considerationJan. 21: MSNBC’s David Shuster talks with Hardball’s Chris Matthews and Mother Jones’ David Corn about the New York Times report that Caroline Kennedy has withdrawn her...Windows Media - Video

For Your Consideration

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For Your Consideration (The Brian L...

For Your Consideration (The Brian Lehrer Show: Wednesday, 07 January 2009)Elizabeth Holtzman , former Congresswoman (D-NY 16th) and the author of The Impeachment of George W. Bush: A Practical Guide for Concerned Citizens , discusses her bid to fill...Video - Video

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