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LSDefine
Simple English definitions for legal terms
want of consideration
Read a random definition: nonmonetary item
A quick definition of want of consideration:
Want of consideration refers to a situation where there is no exchange of something valuable between the parties involved in a contract. This means that one party did not receive anything in return for their promise or obligation. It is important to have consideration in a contract because it shows that both parties are giving and receiving something of value, which makes the contract legally binding. Want of consideration is different from failure of consideration, which occurs when one party does not fulfill their promise after receiving consideration from the other party.
A more thorough explanation:
Definition: Want of consideration refers to the lack of consideration for a contract. Consideration is something of value that is exchanged between parties in a contract. If one party fails to provide consideration, the contract may be considered invalid.
Example: John promises to give Sarah $1000 for her car. Sarah agrees to sell her car to John for $1000. However, if John fails to provide the $1000, there is a want of consideration and the contract is not valid.
Explanation: In this example, John promised to provide $1000 in exchange for Sarah's car. However, if John fails to provide the $1000, there is no consideration for the contract. Therefore, the contract is not valid.
Example: Mary promises to give her friend, Tom, a ride to the airport. However, Mary fails to show up to give Tom a ride. There is a want of consideration in this situation because Mary did not provide the promised service.
Explanation: In this example, Mary promised to provide a service (a ride to the airport) in exchange for nothing. However, if Mary fails to provide the service, there is no consideration for the contract. Therefore, the contract is not valid.