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Name Date Class LESSON 81 TYPES OF CONSIDERATION Lesson 81 Outline I.Consideration A. Promise, Act, or Forbearance B. Contracted Exchanges C. Legal Value D. Adequacy of Consideration E. Nominal ConsiderationLesson.

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There are three types of consideration in contract law: executory, past, and pre-existing.

There are three requirements of consideration: 1) Each party must make a promise, perform an act, or forbear (refrain from doing something). 2) Each party's promise, act, or forbearance must be in exchange for a return promise, act, or forbearance by the other party.

What forms of consideration are considered valid? Some of the common types of consideration in business contracts include a return promise, real estate property, forbearance or some act.

What are the forms of consideration? There are two forms of consideration: Executed consideration - where promises made in a contract are delivered immediately (e.g. delivery of goods) Executory consideration - where promises made in a contract will be delivered in the future (e.g. a commercial property lease)

Types: Consideration could be a promise, performance, forbearance, or property with legal value, but the economic benefit is not required.

There are three key elements of a binding contract, and they are what are known as the offer, the acceptance, and the consideration.

There are six kinds of consideration in contract law. These are; 1) Executory (Future) Consideration, 2) Executed (Present) Consideration, 3) Past Consideration, 4) Conditional Consideration, 5) Unreal Consideration, 6) Illegal Consideration.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
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Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
Industries
Forms in Spanish
Localized Forms
State-specific Forms
Forms Kit
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232