What Is Consideration And What Is The Legal Definition Of Consideration?


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Nouman Umar Profile
Nouman Umar answered
For every contract the consideration plays an important role in the contract. So in every contract there should be consideration. The law says that if there is no consideration between the both parties in a contract then there is no contract between the parties so that the consideration is very important in the business contracts. If the contract is made without the consideration the law will not support such type of contracts in the court of law so the consideration in a contract is very necessary. If an agreement is made without the consideration it will be considered as the void agreement. So there is great importance of the consideration in the contracts.

The simplest form of the consideration is that what a promise demands and receives as the piece for his promise. It is interchangeably used as the price which is paid by one party to another party in the contract. So in business contract there should be complete mention of the consideration otherwise it will not be considered as the valid contract for the both parties. The contract is said to be the legal when the both parties to a contract share something they give and take something from each other so this is called the contract.
Anonymous Profile
Anonymous answered
When you offer to some one in a contract. Against the offer you think that what you will gain as compered to his offer that think is know as consideration

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