Consideration Presentation

Talha, Shay, Arturo

Terms


Consideration- careful thought, typically over a period of time.

Gift- something given to someone willingly without any payment.

Donor- a person who donates something, esp. money to a fund or charity.

Promisor- person who makes a promise

Promise- a declaration or assurance that one will do a particular thing or that a particular thing will happen.

Examples of consideration

Consideration is an essential element for the formation of a contract. It may consist of a promise to perform a desired act or a promise to refrain from doing an act that one is legally entitled to do. In a bilateral contract on agreement by which both parties exchange mutual promises each promise is regarded as sufficient consideration for the other. In a unilateral contract, an agreement by which one party makes a promise in exchange for the other's performance, the performance is consideration for the promise, while the promise is consideration for the performance.

Legal Considerations Before Starting a Nonprofit