11:44
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Simple English definitions for legal terms
value received
Read a random definition: allurement
A quick definition of value received:
Value received: This means that something was given or done in exchange for something else. It is often used in legal documents like bills or notes to show that there was a fair trade or exchange between two parties.
A more thorough explanation:
Definition: Value received refers to the consideration that has been delivered. This phrase is commonly used in a bill of exchange or promissory note to show that it was supported by consideration.
Example: John borrowed $500 from Jane and signed a promissory note stating that he would repay the amount within six months. The promissory note included the phrase "value received" to indicate that John had received $500 from Jane as consideration for the loan.
Explanation: In this example, the phrase "value received" is used to indicate that John received $500 from Jane as consideration for the loan. This means that John received something of value in exchange for his promise to repay the loan, which is an essential element of a valid contract.