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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promissory estoppel

an estoppel that prevents a promisor from denying the existence of a promise when the promisee reasonably and foreseeably relies on the promise and to his or her loss acts or fails to act and suffers an injustice that can only be avoided by enforcement of the promise


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