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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

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Dkk
19:42
SEO is big money
2016 pushed the conservative party into populism irreversibly
Dkk
19:43
Maybe, but if this is populism, then every election is populist.
19:43
@Dkk: yeah register 1 website and every swinging tom dick and harry calls/emails/texts to 'help with seo'. like bruh, if YOU found it, what i am doing is working
Dkk
19:43
Indeed!
19:48
wasp, i think people are hopeful for a gov who at least attempts to care about the common man
MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
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