14:43
i applied nov. 15 lily
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Simple English definitions for legal terms
invented consideration
Read a random definition: Child Support Recovery Act of 1994
A quick definition of invented consideration:
Invented consideration is a made-up idea that a court uses to make sure a contract is valid, even if there wasn't really any fair exchange between the people involved. Consideration is something that one person gives or promises to give in exchange for something else, like money or a promise to do something. It's important for a contract to have consideration in order to be enforceable. Invented consideration is a way for a court to say that there was consideration, even if there wasn't really a fair exchange.A more thorough explanation:
Definition: Invented consideration is a fictional consideration created by a court to prevent the invalidation of a contract that lacks consideration. Consideration refers to something of value that is exchanged between parties in a contract.
Example: A promises to give B a car, but B does not promise anything in return. This contract lacks consideration because B is not giving anything of value in exchange for the car. However, if the court were to find that B had previously performed a service for A, and A promised the car as a reward for that service, the court may invent consideration to uphold the contract.
Explanation: In this example, the court may find that B's previous service to A constitutes consideration, even though it was not originally part of the contract. By inventing consideration, the court can uphold the contract and prevent A from reneging on their promise to give B a car.