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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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General

General chat about the legal profession.
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medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
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