Understanding Consideration in Contract Law: Measurable Value, Mutual Exchange, Legal Obligation, and Legality.

what is consideration must be sufficient?

a party must provide something of value that has to be enough for both parties (thomas v thomas)

In contract law, consideration refers to something of value exchanged by the parties to the contract. For a contract to be legally binding, consideration must be present, meaning that each party must give something of value to the other.

To be sufficient, consideration must meet certain criteria. Firstly, it must be something that has a measurable value, such as money, goods or services. Additionally, the consideration must be given by the promisor in exchange for something given by the promisee. This means that there must be a mutual exchange of value.

The consideration must also be something that the promisor is not already legally obligated to provide. For example, if someone promises to pay rent for an apartment they are already legally required to pay, then their promise to provide additional rent is not sufficient consideration.

Finally, consideration must be legal, meaning that it cannot be something that is contrary to public policy or illegal in nature. For example, if someone promises to pay someone else to commit a crime, that promise would not be sufficient consideration because it is illegal.

In summary, for consideration to be sufficient in a contract, it must have a measurable value, be given in exchange for something else, not be an existing legal obligation, and be legal in nature.

More Answers:

Understanding Executory Consideration in Contract Law: Definition and Importance
Understanding Executed Consideration in Contracts: Importance and Examples
Understanding Consideration in Contract Law: Exchange of Benefits for Legally Binding Agreements

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