what is consideration??
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Explanation:
In common parlance, consideration refers to something paid to someone in return for something else. In legal terminology, it can be understood as the price or compensation which has to be paid by the promisee to the promisor for doing or not doing an act.
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Consideration can be defined as the monitory value given in return for the performance of a task.
Explanation:
- Consideration is the monitory value of any activity.
- Consideration is one of the most important aspects for any contract to be legal in India.
- Consideration can be past present or future.
- For a contract to be enforceable, consideration should always be present. However, its adequacy is not an important factor.
- A Consideration is essentially an economic term that should be measurable in numbers and specified.
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