18:03
Quentin Tarantino can't resist putting a gay scene with a black guy participating in the gay act in his movies.
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Simple English definitions for legal terms
consideration, want of
Read a random definition: Dodd-Frank: Title XIII - Pay It Back Act
A quick definition of consideration, want of:
Term: Consideration, Want of
Definition: Want of consideration means that there was no exchange of something of value between the parties involved in a contract. In simpler terms, it means that one party did not receive anything in return for their promise or agreement. This can make the contract invalid or unenforceable. It is different from failure of consideration, which means that something promised was not delivered or provided as agreed upon.
Examples: If someone promises to sell their car to another person for $5,000 but the buyer never pays the money, there is want of consideration because the seller did not receive anything in exchange for their promise to sell the car. On the other hand, if the buyer pays the money but the seller never delivers the car, there is failure of consideration because the buyer did not receive what was promised.
A more thorough explanation:
Definition: Want of consideration refers to the lack of consideration for a contract. It means that one party did not receive anything of value in exchange for their promise or obligation. This can make the contract unenforceable.
Examples:
- John promises to give Sarah his car, but Sarah does not promise anything in return. This is want of consideration because Sarah did not give anything of value in exchange for John's promise.
- Tom promises to pay $500 to Jerry for mowing his lawn, but Jerry never mows the lawn. This is not want of consideration because Tom promised to pay in exchange for the lawn mowing, but Jerry did not fulfill his obligation.
The examples illustrate how want of consideration can make a contract unenforceable. In the first example, Sarah did not give anything in exchange for John's promise, so there was no consideration. Therefore, John cannot enforce the contract and make Sarah give him anything. In the second example, Tom promised to pay in exchange for lawn mowing, but Jerry did not fulfill his obligation. Therefore, Tom can enforce the contract and make Jerry mow the lawn or pay damages.