Consideration
/ˌkɒnsɪˈdeɪʃən/
Definitions
- (n.) Something of value exchanged between parties in a contract to make the agreement legally binding.
The buyer's payment was the consideration for the sale of the car.
- (n.) Careful thought, typically given before making a decision or judgment.
The court gave careful consideration to all the evidence presented.
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Commentary
In contract law, consideration must be legally sufficient and bargained for to validate a contract.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.