What does valuable consideration mean in a quitclaim deed?
Most contracts require consideration. Consideration is something that has value to the person who is giving it and is used to bargain with during the exchange of contract promises. For example, if one person is giving the quitclaim deed, the recipient of the deed might pay a small price for it.
What are the four types of consideration?
Common types of consideration include real or personal property, a return promise, some act, or a forbearance.
What does consideration mean?
1 : careful thought : deliberation Give my idea some serious consideration. 2 : thoughtfulness for other people. 3 : something that needs to be thought over carefully before deciding or acting. 4 : a payment made in return for something.
What contract that is made for a valuable consideration is?
Contracts and courts generally use the term valuable consideration to signify consideration sufficient to sustain an enforceable agreement. In general, consideration consists of a promise to perform a desired act or a promise to refrain from doing an act that one is legally entitled to do.
What are some examples of consideration?
Anything of value promised by one party to the other when making a contract can be treated as “consideration”: for example, if A signs a contract to buy a car from B for $5,000, A’s consideration is the $5,000, and B’s consideration is the car.
What is and other good and valuable consideration?
Therefore, they are willing to enforce the contract on its plain language, but the parties can keep the total amount in the Purchase and Sale Agreement, and therefore, keep it private. Simply put, the “other good and valuable consideration” is the amount of money specified in your Purchase and Sale Agreement.
What does valuable consideration mean in land law?
Valuable consideration is ‘something of value in the eye of the law’ (Thomas v Thomas). Clearly, the payment of money or a promise to pay money is valuable consideration.
What are examples of consideration?
What is the contract that is made for a valuable consideration?
In the formation of a valid and binding contract, something of worth or value that is either a detriment incurred by the person making the promise or a benefit received by the other person.
What is consideration value?
Consideration Value means the value of the applicable Option, Convertible Security as of the date of issuance thereof (as determined by the Board of Directors in good faith).
What is valuable consideration law?
Valuable consideration is ‘something of value in the eye of the law’ (Thomas v Thomas). Clearly, the payment of money or a promise to pay money is valuable consideration. However, ‘in the eyes of the law’ other acts, however insignificant, may provide valuable consideration.