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Simple English definitions for legal terms

nominal consideration

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A quick definition of nominal consideration:

Nominal consideration is a legal term that refers to a small or insignificant amount of money or value given in exchange for something else. For example, if someone sells a car for $1, this is nominal consideration. However, courts do not usually examine the adequacy of consideration, so nominal consideration can still be valid. 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.

A more thorough explanation:

Definition: Nominal consideration is a type of consideration that is so insignificant that it bears no relationship to the value of what is being exchanged. It can be a small amount of money or a trivial act. However, it can still be considered valid in a contract since courts do not usually examine the adequacy of consideration.

Example: An example of nominal consideration is when a person sells a piece of real estate worth $100,000 for $10. Even though the amount paid is significantly less than the value of the property, the transaction can still be considered valid since the parties have agreed to the terms.

Explanation: In this example, the nominal consideration is the $10 paid for the real estate. Even though the amount paid is significantly less than the value of the property, the transaction can still be considered valid since the parties have agreed to the terms. The court does not usually examine the adequacy of consideration, but it may inquire into issues such as fraud and duress.

nominal capital | nominal plaintiff

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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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