11:44
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Simple English definitions for legal terms
and other good and valuable consideration
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A quick definition of and other good and valuable consideration:
Consideration is something that one person gives or promises to give to another person in exchange for something else. It can be an act, a promise, or something else of value. Consideration is important in making a contract legally enforceable. It must be fair and reasonable, and both parties must agree to it. If there is no consideration, there is no contract. In parliamentary law, consideration refers to the process by which a group discusses and votes on a motion. In history, consideration also referred to a court's judgment.A more thorough explanation:
Definition: And other good and valuable consideration. Consideration is something (such as an act, a forbearance, or a return promise) that is bargained for and received by a promisor from a promisee. It motivates a person to do something, especially to engage in a legal act. Consideration, or a substitute such as promissory estoppel, is necessary for an agreement to be enforceable.
Example: A company promises to pay an employee a bonus of $5,000 at the end of the year if the employee meets certain performance goals. The performance goals are the consideration for the promise of the bonus. If the employee meets the goals, they have provided consideration and the company must pay the bonus.
Explanation: In this example, the promise of the bonus is the offer, and the performance goals are the consideration. The employee must meet the goals to provide consideration and make the promise enforceable. The phrase "and other good and valuable consideration" is often included in contracts to indicate that there is additional consideration beyond what is explicitly stated in the contract.