Contract Law For Dummies In Suffolk
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Consideration explained Consideration is defined as, Something (such as an act, a forbearance, or a return promise) bargained for and received by a promisor from a promisee; that which motivates a person to do something, esp. to engage in a legal act. Black's Law Dictionary.
The legal definition of consideration is based on the concept of a "bargained-for exchange." This means that both parties are getting something that they've agreed to, usually something of value for something of value. Say, for example, that your neighbor admires your bicycle.
How does consideration work in a contract? For a contract to be legal, there must be “mutuality of obligation”, which means both parties must meet their obligations. And consideration is the commitment the parties make to each other. This means both parties must be exchanging one thing of value for another.
Although you don't have to hire a lawyer, you should. Entering into a legally binding agreement isn't something you should take lightly. Signing a document without fully comprehending the terms or your rights is dangerous. It can lead to significant unintended consequences and time-consuming legal battles.
REQUIREMENTS FOR A CONTRACT In order for a contract to be valid, there must be an offer, an acceptance of the offer, an exchange between the parties of something of value, and an agreement to the terms.
First, to become a contract attorney, one must earn a bachelor's degree and graduate with good grades. It is recommended, but not required, to earn a degree in a legally-related field, such as criminal justice or political science. Before applying for law school, you must take the LSAT and get a good score.
