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Consideration is the central concept in the common law of contracts and is required, in most cases, for a contract to be enforceable. Consideration is the price one pays for another's promise. Consideration is the price one pays for another's promise.
Consideration must be an act, abstinence or forbearance or a returned promise. Consideration may be past, present or future. Past consideration is not consideration according to English law. However it is a consideration as per Indian law. Example of past consideration is, A renders some service to B at latter's desire.
For example,the homeowner and contractor could agree to include a new window at an additional cost of $1000. Alternatively, the parties could agree not to perform part of the contract for a $500 reduction in the price. Both modifications to the original contract would be enforceable because there was consideration for each. [21]
Consideration of marriage (not to actually get married but to give a dowry, for example) Goods over a certain amount of money (usually $500, as in the UCC) Contracts that cannot be performed within one year; For example, a two-year employment contract naturally cannot be performed within one year.
Defense Contract Management Agency, responsible for contract administration of US Department of Defense contracts. NASA SEWP, an example of an acquisition contract that expanded from its original narrow focus to serve the entire Government; No-bid contract; Small and medium enterprise; Top 100 US Federal Contractors
For example, in the Indian Contract Act, 1872, past consideration constitutes valid consideration, and that consideration may be from any person even if not the promisee. [47] The Indian Contract Act also codifies examples of when consideration is invalid, for example when it involves marriage or the provision of a public office.