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Consideration, in contract law, an inducement given to enter into a contract that is sufficient to render the promise enforceable in the courts. The technical requirement is either a detriment incurred by the person making the promise or a benefit received by the other person.
For example, if you enter into a contract with your neighbor wherein he agrees not to sue you for the damage you caused to his property, and in return, you agree to pay him a sum of $800, then the amount of $800 is the consideration your neighbor gets, whereas his promise to not sue you is the consideration you get
Primary tabs. Something bargained for and received by a promisor from a promisee. Common types of consideration include real or personal property, a return promise, some act, or a forbearance. Consideration or a valid substitute is required to have a contract.
Every party to a contract must offer consideration in order to be included in the exchange. For example, if A promises B lunch from B's favorite restaurant in exchange for B's promise to mow A's lawn, the lunch would be the consideration for the promise of B to mow the lawn.
The first paragraph of our Conveyance states: "in consideration of the sum of Ten and more dollars ($10.00) cash in hand paid and other good and valuable consideration." These conveyances are recorded in the Courthouse of the County in which the interest is located, thereby placing it of public record.