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Simple English definitions for legal terms

inadequate consideration

Read a random definition: Lord of Session

A quick definition of inadequate consideration:

Inadequate consideration means that something given or promised in exchange for a promise is not fair or reasonable under the circumstances of the agreement. Consideration is something that motivates a person to do something, especially to engage in a legal act. It can be an act, a forbearance, or a return promise. Consideration, or a substitute such as promissory estoppel, is necessary for an agreement to be enforceable. Adequate consideration is consideration that is fair and reasonable under the circumstances of the agreement. 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: Inadequate consideration refers to a situation where the value of the consideration exchanged in a contract is not fair or reasonable under the circumstances of the agreement. Consideration is something of value that is bargained for and received by a promisor from a promisee, and it is necessary for an agreement to be enforceable.

Example: A agrees to sell his car to B for $1. This is an example of inadequate consideration because the value of the car is much higher than $1. The transaction may be considered a gift or a fraud, and it may not be enforceable.

Explanation: In this example, the value of the car is not commensurate with the amount of consideration exchanged. The consideration is inadequate because it does not reflect the fair value of the car. As a result, the transaction may not be enforceable, and it may be considered a gift or a fraud. Inadequate consideration can render a contract unenforceable because it suggests that the parties did not enter into the agreement with a meeting of the minds or with the intention to create a legally binding contract.

inactive stock | inadequate remedy at law

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BulbasaurNoLikeCardio
18:23
Ill just keep arguing for more money off until I get it or they end up paying me to take it lmao
18:24
what other guns ya got
are we losing hope for gtown lol
yeah i dont think gtown does A's this late unfortunately
18:25
it is like 630 on a friday there bud
18:25
think it is safe to say it aint happenin today\
damn it was a slow day today
BulbasaurNoLikeCardio
18:26
I got a custom built Leftie ar15 I run suppressed, a regular ar15, a .270 axis savage bolt gun, xd9, xd40 and have my AR10 I run suppressed.
BulbasaurNoLikeCardio
18:26
I do not think we will see a wave until after thanksgiving. Adcoms will be nice and not ruin someones thanksgiving with an R
18:28
ruin my thanksgiving law schools uwu
PerpetualCheerfulBeaver
18:53
I really thought a texas schools wave was going to hit today...guess it will be December 1
7Rings
19:00
No news is good news 😜
PerpetualCheerfulBeaver
19:10
the mentality im embracing
ClassyPleasantHeron
19:23
You will see some A waves next week, just before Thanksgiving. Schools like to give people things to talk about over the holidays.
19:26
my predict monday berk from earlier td
snow
19:33
Oregon decision rendered…
snow
19:33
Bro why don’t they just tell me lol
damn ive been under review for a month and no movement, when did u apply snow?
snow
19:39
The day apps opened. I still don’t know what the decision is tho lol
Dang. Crossing my fingers for you!!
snow
19:41
Thank you!!
shaquilleoatmeal
19:44
Snow dude wtf you been
snow
19:46
Working! I was prepping for a trial but it got reset!
snow
19:47
Have you don your gulc interview?
JumpySubsequentDolphin
19:47
@snow: snow!!!! I’m in Oregon should I break into admissions office and demand your decision be sent
shaquilleoatmeal
19:49
Better to be prepared than not, otherwise it always happens when you don’t prep
shaquilleoatmeal
19:50
Yea did it a week and half ago, told us we won’t hear anything until end of December if we’re lucky, most likely first week of jan
shaquilleoatmeal
19:50
Said no one works after Monday this week and no one works week of Christmas
shaquilleoatmeal
19:50
So holiday takes time away from app review
snow
19:54
True @shaq and do it jumpy!!
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