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LSDefine
Simple English definitions for legal terms
sufficient consideration
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A quick definition of sufficient consideration:
Sufficient consideration is something that is given or promised by one person in exchange for a promise from another person. It can be an act, a forbearance, or a return promise. Consideration is necessary for an agreement to be enforceable. It must be fair and reasonable under the circumstances of the agreement. Consideration can be past, present, or future. It can be implied by law or specifically stated in an instrument. Consideration that is illegal or immoral is not valid. Nominal consideration, which is a small payment, can be valid if it is part of a socially useful transaction. Deliberative assemblies also use the term consideration to refer to the process by which they dispose of a motion.A more thorough explanation:
Definition: Sufficient 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 to mow his lawn, the $100 is the consideration for Jane's act of mowing the lawn. In this case, the consideration is sufficient because it is a fair exchange of value between the two parties.
Explanation: In this example, John is promising to pay Jane $100 in exchange for her act of mowing his lawn. This exchange of value is considered sufficient consideration because it is a fair and reasonable exchange between the two parties. Without sufficient consideration, the agreement between John and Jane would not be legally enforceable.