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The promise must be real and unconditional. This doctrine rarely invalidates contracts; it is a fundamental doctrine in contract law that courts should try to enforce contracts whenever possible. Accordingly, courts will often read implied-in-fact or implied-in-law terms into the contract, placing duties on the promisor.
Consideration may move from the promisee or any other person. Under Indian law, consideration may be from the promisee of any other person i.e., even a stranger. This means that as long as there is consideration for the promisee, it is immaterial who has furnished it. Consideration must be an act, abstinence or forbearance or a returned promise.
Consideration is an English common law concept within the law of contract, and is a necessity for simple contracts (but not for special contracts by deed).The concept of consideration has been adopted by other common law jurisdictions, including in the United States.
Real estate consists of land and the houses, buildings and other permanent structures built on land. One feature of real estate is that it’s immovable — it can’t be moved from one location ...
A typical real estate contract specifies a date by which the closing must occur. The closing is the event in which the money (or other consideration) for the real estate is paid for and title (ownership) of the real estate is conveyed from the seller(s) to the buyer(s). The conveyance is done by the seller(s) signing a deed for buyer(s) or ...
In October, a California appellate court held that wildfire risk is one of those consequences that may deserve special consideration. Phillip Babich, a real estate attorney, said he expects to see ...
Real property is generally sub-classified into: corporeal hereditaments – tangible real property (land) incorporeal hereditaments – intangible real property such as an easement of way; Although a tenancy involves rights to real property, a leasehold estate is typically considered personal property, being derived from contract law.
Consideration need not be of the same value as the other party's promise. For example, a peppercorn in contract law describes a very small and inadequate consideration. Consideration must be legal i.e., not prohibited by the law. The insufficiency of past consideration is related to the pre-existing duty rule.