Definition of consideration The word “consideration” is defined in Contracts Act 1950 Section 2(d) of the said Act as: “When, at the desire of the promisor, the promise or any other person has done or abstained from doing, or does or abstains from doing, or promise to do or to abstain from doing, something, such act or abstinence or promise is called a consideration for the promise”. He stayed at home out of consideration for his mother. in consideration of synonyms, in consideration of pronunciation, in consideration of translation, English dictionary definition of in consideration of. Acquisition Consideration means the sum of the cash purchase price for any Permitted Acquisition payable at or prior to the closing date of such Permitted Acquisition (and which, for the avoidance of doubt, shall not include any purchase price adjustment, royalty, earnout, contingent payment or any other deferred payment of a similar nature) plus the aggregate principal amount of Indebtedness assumed … Test your knowledge - and maybe learn something along the way. Subscribe to America's largest dictionary and get thousands more definitions and advanced search—ad free! Is it your consideration that I should apply? Menu. Other factors must also be taken into consideration. Meaning, pronunciation, picture, example sentences, grammar, usage notes, synonyms and more. This is the British English definition of consideration.View American English definition of consideration.. Change your default dictionary to American English. agreed to do it for a small consideration. Consideration is a standout amongst the most essential components needed to frame an agreement and make it substantial according to law. Enrich your vocabulary with the English Definition dictionary Except in Louisiana, consideration is a necessary element to the creation of a contract. Please tell us where you read or heard it (including the quote, if possible). The special word “consideration” in contract law refers to something that has value in the eyes of the law. Something bargained for and received by a promisor from a promisee. Consideration is kindness and thoughtful regard for others, or an act of thoughtfulness. Show consideration for other rail travellers. Meaning, pronunciation, picture, example sentences, grammar, usage notes, synonyms and more. How to use consideration in a sentence. Meaning of consideration. Treating others as you would have them treat you (the Golden Rule) is one example of consideration. Price has become a more important consideration for shoppers in choosing which store to visit than it was before the recession. consideration meaning: 1. the act of thinking about something carefully: 2. a particular subject or fact that needs to be…. Look it up now! Definition of consideration 1 : continuous and careful thought After long consideration he agreed to their requests. Common types of consideration include real or personal property, a return promise, some act, or a forbearance. 1). For example, the promise to pay a debt that one is already obligated to pay is past consideration. See the full definition for consideration in the English Language Learners Dictionary. Careful thought; deliberation: We will give your proposal consideration. Treating others as you would have them treat you (the Golden Rule) is one example of consideration. Consideration must be of value (at least to the parties), and is exchanged for the performance or promise of performance by the other party (such performance itself is consideration). Views expressed in the examples do not represent the opinion of Merriam-Webster or its editors. Consideration may be cash in which case, it is more like a sale or payment-in-kind. Synonyms: deliberation, thought Consideration of environmental effects is needed when choosing material. Consideration may be given for preformance of an act or for not performing an act. consideration definition in English dictionary, consideration meaning, synonyms, see also 'in consideration of',under consideration',on no consideration',take into consideration'. Definition of consideration written for English Language Learners from the Merriam-Webster Learner's Dictionary with audio pronunciations, usage examples, and count/noncount noun labels. Definition of consideration The word “consideration” is defined in Contracts Act 1950 Section 2(d) of the said Act as: “When, at the desire of the promisor, the promise or any other person has done or abstained from doing, or does or abstains from doing, or promise to do or to abstain from doing, something, such act or abstinence or promise is called a consideration for the promise”. If you need help with the definition of consideration in contract law, you can post your legal need on UpCounsel's marketplace. Consideration definition: Consideration is careful thought about something. Consideration must be something of value in the eyes of the law - (Thomas v Thomas) (1842) 2 QB 851. A consideration is an exchange of money for the guarantee of an act preformed or another benefit provided. Something bargained for and received by a promisor from a promisee. 2) a vital element in the law of contracts, consideration is a benefit which must be bargained for between the parties, and is the essential reason for a party entering into a contract. account, advisement, debate, deliberation, reflection, It must be of value to both parties entering into a transaction . Definition: 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. Careful thought; deliberation: We will give your proposal consideration. Due consideration shall be given to the gas heating value and specific gravity (see 19.7 (6)“b”).c. 5. The law does not enforce gifts unless they are made by deed. Definition of consideration noun in Oxford Advanced American Dictionary. Legal definition for CONSIDERATION: (A) Contracts. The cost of the journey is our main consideration. Synonyms of consideration. a gift given in consideration of her hard work. Contracts Consideration Law and Legal Definition Consideration in the law of contracts is something of value given by one party in return for the promises of the other party to the contract. 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 the US.. Annuity Consideration: The money that an individual pays to an insurance company in exchange for a financial instrument that provides a stream of payments for … He is always considerate to elderly people. Consideration in Contracts Defined The legal definition of consideration is based on the concept of a “bargained-for exchange.” This means that both parties are getting something that they’ve agreed to, usually something of value for something of value. Common types of consideration include real or personal property, a return promise, some act, or a forbearance. The consideration must result from bargaining by the parties, and must be the thing that induces the mutual promises. consideration definition in English dictionary, consideration meaning, synonyms, see also 'in consideration of',under consideration',on no consideration',take into consideration'. If only one party offers consideration, the agreement is a "bare promise" and is unenforceable. Ingredients of Consideration Definition: According to Section 2(d) of the Contract Act, 1872, the consideration definition has the following ingredients:. The essay begins with a brief consideration of the history of the problem. ‘After careful consideration and advice, we very much regret we are left with no alternative but to have started legal proceedings in order that we can do our lawful work.’ ‘After careful consideration, I think it's just as well that I leave this and other gastrointestinal functions out of it.’ In the context of insurance, the insurance company gives the consideration of coverage for losses as long as premiums are paid. Definition: 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. Consideration, in contract law, an inducement given to enter into a contract that is sufficient to render the promise enforceable in the courts. Which of the following refers to thin, bending ice, or to the act of running over such ice. | Meaning, pronunciation, translations and examples [uncountable, countable] (formal) the act of thinking carefully about something An employer is legally bound to give due consideration to the request. Accessed 15 Jan. 2021. turned back in consideration of the worsening weather. Meaning, pronunciation, picture, example sentences, grammar, usage notes, synonyms and more. Consideration is a payment made by one party to another in exchange for the transfer of something of value. 2. take into consideration to bear in mind; consider. Learn more. Enrich your vocabulary with the English Definition dictionary Definition - What does Consideration mean? Consideration is the value or benefit for … Continued "A consideration is a cause, or meritorious occasion, requiring a mutual recompense, in fact or in law. Consideration may be given for preformance of an act or for not performing an act. The consideration definition is; “When at the desire of the promisor, the promisee or any other person has done or abstained from doing, or does or abstains from doing or promises to do or abstain from doing something, such act or abstinence or promise is called a consideration for the promise “. Dictionary, Encyclopedia and Thesaurus - The Free Dictionary, the webmaster's page for free fun content. 14th century, in the meaning defined at sense 1. He said there should be careful consideration of the company's future role. This information should not be considered complete, up to date, and is not intended to be used in place of a visit, consultation, or advice of a legal, medical, or any other professional. What is Consideration? b. Note: More from Merriam-Webster on consideration, Thesaurus: All synonyms and antonyms for consideration, Nglish: Translation of consideration for Spanish Speakers, Britannica English: Translation of consideration for Arabic Speakers, Britannica.com: Encyclopedia article about consideration. n. 1. a. Consideration definition is - continuous and careful thought. Annuity Consideration: The money that an individual pays to an insurance company in exchange for a financial instrument that provides a stream of payments for … n. 1. a. Consideration definition, the act of considering; careful thought; meditation; deliberation: I will give your project full consideration. When making a judgment or decision the kind denoted by sense 1 can create... The agreement is a payment made by one party offers consideration, law... Is consideration brief consideration of the history of the company 's future.... Consisting of an act of thoughtfulness agreement and make it substantial according law... 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