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Simple English definitions for legal terms
good and valuable consideration
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A quick definition of good and valuable consideration:
Good and valuable consideration is something of value that is given or promised by one party in exchange for the promise of the other party. It can be an act, a forbearance, or a return promise that motivates a person to engage in a legal act. Consideration is necessary for an agreement to be enforceable. It must be fair and reasonable under the circumstances of the agreement, and it can be either past, present, or future consideration. Consideration can be implied by law from the parties' actions, but it cannot be illegal or immoral. Nominal consideration, which is so insignificant as to bear no relationship to the value of what is being exchanged, can be valid. The process by which a deliberative assembly disposes of a motion is also called consideration.A more thorough explanation:
Definition: Good and valuable consideration refers to something of value that is given or promised by one party in exchange for the promise of the other party. It can be an act, a forbearance, or a return promise that motivates a person to engage in a legal act. Consideration is necessary for an agreement to be enforceable. It must involve some gain or benefit to the promisor or some loss or disadvantage to the promisee.
Examples: A person promises to sell their car to another person for $10,000. The $10,000 is the consideration for the promise to sell the car. In another example, a person promises to mow their neighbor's lawn every week for a month in exchange for their neighbor's promise to water their plants while they are on vacation. The act of mowing the lawn is the consideration for the promise to water the plants.
Explanation: In both examples, there is an exchange of something of value between the parties. The promise to sell the car is supported by the $10,000 payment, which is a benefit to the seller. The promise to mow the lawn is supported by the promise to water the plants, which is a benefit to the person going on vacation. Both examples illustrate the concept of good and valuable consideration, which is necessary for a contract to be legally enforceable.
good and merchantable abstract of title | good and workmanlike