Consideration at Legal Glossary

What is it? The basis of a contract. Consideration is a benefit or right for which the parties to a contract must bargain; the contract is founded on an exchange of one form of consideration for another. Consideration may be a promise to perform a certain act -- for example, a promise to fix a leaky roof -- or a promise not to do something, such as build a second story on a house that will block the neighbors view. Whatever its particulars, consideration must be something of value to the people who are making the contract.

Law Definition Added By: Ella

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