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LSDefine

Simple English definitions for legal terms

bargain theory of consideration

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A quick definition of bargain theory of consideration:

The bargain theory of consideration is the idea that when two people make a promise to each other, and each promise is made in exchange for the other, then both promises are considered to be valuable. This is what makes a contract legally binding. It's like trading toys with a friend - if you promise to give them your toy in exchange for theirs, then both toys are considered to be valuable and the trade is fair.

A more thorough explanation:

The bargain theory of consideration is a legal concept that states that a promise or performance that is exchanged for another promise is considered as consideration for that promise. This theory is the basis for all bilateral contracts.

For example, if John promises to pay $500 to Mary in exchange for her promise to deliver a painting, then the promise of John to pay $500 is the consideration for Mary's promise to deliver the painting.

This theory is important because it helps to determine whether a contract is legally binding or not. If there is no consideration, then the contract is not valid.

bargain sale | baron

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THATS SO FUNNY
i cant i would go crazy
JumpySubsequentDolphin
20:50
i need to know who decided to do that.
JumpySubsequentDolphin
20:50
omg im on a plane weeeee
the devil
youre on a plane??? LSD made the mile high club??
20:50
yo splitterus are you in school already
20:50
it says ur c/o 2027
JumpySubsequentDolphin
20:51
@SplitterusClitterus: HAHAH yes
ur user is hilarioussss and no i just graduated this may and am now applying ---also im out of messages so ill take a lil
20:52
roger dat. see u in heck
im back, r u applying this cycle too
JumpySubsequentDolphin
21:32
this child fell asleep on me
JumpySubsequentDolphin
21:32
im so uncomfortable
just push him off the entire seat
JumpySubsequentDolphin
21:34
LMAOOOO
JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
gulc baby pls text me back... i miss you ...... :(
22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
AHHAHAHAHAHAHHAHAHAHAHAHAH
@JumpySubsequentDolphin: wait this is so cute, also where r u going
JOE MBIDEN
JumpySubsequentDolphin
22:39
@splitty Oregon!
oh yay for what thats so random
JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
so cutie oregon is beatiful
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