Gabby Rodrigues and Princess Agbaeze
What is Consideration?
Something of value given by both parties to a contract that induces them to enter into the agreement to exchange mutual performances.
Consideration can come in the form of a promise from either one party or both parties depending on the contract.
Terms You Should Know
- Gift- a voluntary transfer of property or of a property interest from one individual to another, made gratuitously to the recipient.
- Donor- person who gives the gift
- Donee- the person that receives the gift
- Forbearance- refraining from doing something that one has a legal right to do. Giving time for repayment of an obligation or agreement; not to enforce claim as its due date. A delay in enforcing a legal right. Act by which creditor waits for payment of debt due by a debtor after it becomes due.
- Promisor- one who makes the promise
- Promise- a written or oral declaration given in exchange for something of value that binds the maker to do, or forbear from, a certain specific act and gives to the person to whom the declaration is made the right to expect and enforce performance or forbearance. An undertaking that something will or will not occur or refraining from acting in a certain manner.
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