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legal consideration
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legal consideration

There was no oral contract because there was no legal consideration.
  something given to induce another to give something in return
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Consideration is a central concept in the common law of contracts and contract theory: it is value paid for a promise. Consideration is needed for a valid contract. An example; If you sign a contract with a man, agreeing to buy his car for an amount of money, his consideration is the car, which he promises to give to you. Your consideration is the money that you pay for the car. However, a contract saying that he would give you his car for nothing would not be valid per se, because you aren’t giving him any consideration.  (retrieved 9/26/08)
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  • There was no oral contract because there was no legal consideration.
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Associated words [difficulty]:   legal consideration , habeas corpus [5] , hearsay [5] , probable cause [5] , burden of proof [7] , double jeopardy [7] , statute of limitations [7] , attorney-client privilege [8] , Miranda rights [9] , grandfathered [9] , search and seizure [9] , undue influence [9]
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Most commonly used in these subjects:   Law, Business
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