consideration

/keuhn sid'euh ray"sheuhn/, n.

1. the act of considering; careful thought; meditation; deliberation: I will give your project full consideration.

2. something that is or is to be kept in mind in making a decision, evaluating facts, etc.: Age was an important consideration in the decision.

3. thoughtful or sympathetic regard or respect; thoughtfulness for others: They showed no consideration for his feelings.

4. a thought or reflection; an opinion based upon reflection.

5. a recompense or payment, as for work done; compensation.

6. importance or consequence.

7. estimation; esteem: He is held in great consideration by the community.

8. Law.

a. something that suffices to make an informal promise legally binding, usually some value given in exchange for the promise.

b. the hearing of a case by a tribunal.

9. in consideration of,

a. in view of.

b. in return or recompense for: She was offered money in consideration of her efforts.

10. take into consideration, to take into account; consider: We failed to take into consideration the large number of tourists attending the exhibition.

[1350-1400; ME ( < AF) < L consideration- (s. of consideratio), equiv. to considerat(us) (see CONSIDERATE) + -ion- -ION]

Syn. 1. reflection, contemplation, rumination, attention. 3. kindness, kindliness, concern. 5. remuneration, fee. 6. weight, significance, moment. 7. See honor.

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▪ contract law

      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. Thus, the person seeking to enforce the promise must have paid, or bound himself to pay, money, parted with goods, spent time in labour, or foregone some profit or legal right. In a contract for the sale of goods, the money paid is the consideration for the vendor, and the property sold is the consideration for the purchaser.

      This definition, however, leaves unanswered the question of what is sufficient consideration. During certain periods of history, nominal consideration was held to be sufficient—even a cent or a peppercorn. Gradually, the courts came to require that the consideration be valuable, although not necessarily equal in value to what is received. The courts have had to decide specifically whether acts of forbearance on the faith of a promise, the giving of a counterpromise, money payments, preexisting duties to the promisor, preexisting duties to third parties, moral obligations, love and affection, surrender of another legal claim, or performance of a legal duty were sufficient, and the answer has varied considerably over time.

      The doctrine that a consideration is necessary if a contract is to be enforceable has a number of functions in the law of contracts. In addition to providing evidence that a contract exists, consideration also has the cautionary function of guarding the promisor against ill-considered action; the deterrent function of discouraging transactions of questionable utility; and a channelling function of enabling interested persons to distinguish particular types of transactions.

      Although the doctrine of consideration is unique to common law, these functions are also performed in other modern systems of law.

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