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Simple English definitions for legal terms
concurrent consideration
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A quick definition of concurrent consideration:
Concurrent consideration is something that is given or promised by one person to another at the same time as other consideration, or where the promises are made simultaneously. It is a necessary element for an agreement to be enforceable. Consideration can be an act, a forbearance, or a return promise that motivates a person to engage in a legal act. It can be something of value given or promised by one party in exchange for the promise of the other. Consideration can be fair and reasonable under the circumstances of the agreement, or it can be grossly inadequate or illegal. Past consideration, or something given, done, or suffered in the past which purportedly supports a subsequent promise, is not considered valid consideration. The process by which a deliberative assembly disposes of a motion is also called consideration.A more thorough explanation:
Definition: Concurrent consideration is a type of consideration that arises at the same time as other consideration or where the promises are simultaneous. Consideration refers to something (such as an act, a forbearance, or a return promise) that is bargained for and received by a promisor from a promisee, and which motivates a person to engage in a legal act. It is necessary for an agreement to be enforceable.
Example: A agrees to sell his car to B for $10,000, and B agrees to pay the amount. Here, the consideration is concurrent because both parties are making promises at the same time. A is promising to sell the car, and B is promising to pay the amount.
Explanation: In this example, A and B are exchanging promises at the same time, and both promises are the consideration for the agreement. A's promise to sell the car is the consideration for B's promise to pay the amount, and vice versa. This type of consideration is common in contracts where both parties are making promises to each other.