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 is doctrine of partial failure of consideration?
31 Partial failure of consideration will arise where a party in breach is to be the recipient of services under the contract and they make an advance payment that exceeds the value of services that they ultimately receive.
What does failure of consideration mean?
The term failure of consideration implies that the consideration, which was sufficient at the time of bargaining, has ceased to be sufficient. The could happen if the consideration offered becomes worthless, or if the party promising to furnish the consideration fails to do so. contracts. wex definitions.
What happens if there is no consideration in a contract?
Without consideration, a contract cannot be enforced or is otherwise voidable (with only a very few exceptions). The exchange of value is interpreted broadly to not only include money, but property, a promise, doing something, or even not doing something.
What does consideration mean in legal terms?
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.
Is lack of consideration an affirmative defense?
Lack of consideration is an affirmative defense.