Consideration

Definition - Noun
: something (as an act or forbearance or the promise thereof) done or given by one party for the act or promise of another
see also contract
compare motive
Except in Louisiana, consideration is a necessary element to the creation of a contract. The consideration must result from bargaining by the parties, and must be the thing that induces the mutual promises.



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Based on Merriam-Webster's Dictionary of Law ©2001.
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