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LSDefine
Simple English definitions for legal terms
good consideration
Read a random definition: merchant exception
A quick definition of good consideration:
Good consideration is something that one person receives from another person in exchange for a promise or an act. It can be an act, a promise, or a forbearance. It motivates a person to do something, especially to engage in a legal act. Consideration is necessary for an agreement to be enforceable. Good consideration is based on natural love or affection or on moral duty, but it is usually not valid for the enforcement of a contract. Valuable consideration is consideration that is valid under the law and either confers a pecuniarily measurable benefit on one party or imposes a pecuniarily measurable detriment on the other.A more thorough explanation:
Definition: Good consideration is something that is bargained for and received by a promisor from a promisee. 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.
Example: If John promises to pay Jane $100 in exchange for her painting his house, the $100 is the good consideration. It is something that John has promised to give Jane in exchange for her painting his house.
Explanation: In this example, John's promise to pay Jane $100 is the consideration that motivates Jane to paint his house. Without this promise, Jane would not have agreed to paint John's house. The consideration is what makes the agreement enforceable.