IN CONSIDERATION Meaning and
Definition
-
In consideration refers to a legal and contractual term that involves the exchange of something of value between two parties. It is a fundamental principle in contract law, representing the vital requirement for an agreement or promise to be legally enforceable.
When two parties enter into a contract, they must provide "consideration" for the contract to be valid. Consideration can take various forms, ranging from the payment of money to the provision of goods or services. It essentially denotes the bargained-for exchange that each party agrees to fulfill.
For instance, in a purchase agreement, the consideration on the buyer's side would typically be the payment of a specific amount of money, while on the seller's side, it would be the delivery of the purchased goods. This exchange of consideration ensures that both parties have a vested interest in upholding their end of the bargain.
Moreover, consideration signifies the mutuality and fairness necessary for a contract to be binding. It acts as a confirmation that the parties have willingly entered into the agreement and have both incurred some form of an obligation or benefit. If a contract lacks consideration, it may be deemed unenforceable, as it lacks the necessary element for legal validity.
In conclusion, in consideration refers to the act of providing something of value as part of a contract or agreement. It denotes the mutual exchange that establishes legal obligations between parties, ensuring the enforceability of contracts and safeguarding the principle of fair exchange.
Common Misspellings for IN CONSIDERATION
- un consideration
- jn consideration
- kn consideration
- on consideration
- 9n consideration
- 8n consideration
- ib consideration
- im consideration
- ij consideration
- ih consideration
- in xonsideration
- in vonsideration
- in fonsideration
- in donsideration
- in cinsideration
- in cknsideration
- in clnsideration
- in cpnsideration
- in c0nsideration
Etymology of IN CONSIDERATION
The phrase "in consideration" is derived from the Latin word "consideratio". The root of the word comes from "considerare", which means "to think carefully, examine, or contemplate". In English, "consideration" refers to the act of carefully pondering or examining a situation or a matter. Over time, the phrase "in consideration" developed to convey the idea of something being taken into account or being given thoughtful attention. It is commonly used to indicate that something is being considered or given proper thought in a decision-making process.
Idioms with the word IN CONSIDERATION
-
in consideration of something
The idiom "in consideration of something" refers to taking into account or giving thought to a specific thing or circumstance when making a decision or taking action. It often implies that the mentioned thing or circumstance has influenced or will influence the decision or action being discussed.
-
in consideration of
The idiom "in consideration of" can be defined as the act of doing something or giving something as a result of thinking about certain factors or taking certain circumstances into account. It often implies that one is taking into consideration someone else's feelings, interests, or needs.
-
in consideration of sth
The idiom "in consideration of something" means that a particular action or decision is being made while taking into account or acknowledging a specific factor or circumstance. It implies that this factor or circumstance is being given careful thought or being regarded as important in the decision-making process.
Infographic
Add the infographic to your website:
