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Simple English definitions for legal terms
legal consideration
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A quick definition of legal consideration:
Legal consideration refers to something of value that is given or promised by one party in exchange for the promise of the other party. This can include an act, a forbearance, or a return promise. Consideration is necessary for an agreement to be enforceable. It must be fair and reasonable under the circumstances of the agreement, and it cannot be illegal or immoral. Past consideration, or something given, done, or suffered in the past, is not considered valid consideration. Valuable consideration is something that is of value to one or both parties, and it can involve gain or benefit to the promisor or loss or disadvantage to the promisee. In parliamentary law, consideration refers to the process by which a deliberative assembly disposes of a motion, including debate, amendment, and referral to a committee.A more thorough explanation:
Legal consideration refers to something of value that is exchanged between parties in a contract. This can be an act, a promise, or a forbearance. Consideration is necessary for a contract to be enforceable.
For example, if you agree to pay someone $100 to mow your lawn, the $100 payment is the legal consideration for the act of mowing the lawn. If one party fails to provide the agreed-upon consideration, the contract may not be enforceable.
It is important to note that consideration must be something of value. For instance, if you promise to mow someone's lawn out of the goodness of your heart, that promise is not considered legal consideration because it does not involve an exchange of value.