What is recited consideration?

Table of Contents

This statement of consideration has two parts: first, the statement of the “purported” consideration and second, a statement that the parties agree to the terms of the contract. The latter is essential. It evidences the parties’ agreement to the terms of the contract.

What is the basic definition of consideration?

Definition of consideration noun. the act of considering; careful thought; meditation; deliberation: I will give your project full consideration. something that is or is to be kept in mind in making a decision, evaluating facts, etc.: Age was an important consideration in the decision.

What are the 3 requirements of consideration?

There are three requirements of consideration: 1) Each party must make a promise, perform an act, or forbear (refrain from doing something). 2) Each party’s promise, act, or forbearance must be in exchange for a return promise, act, or forbearance by the other party.

What are the different types of consideration?

There are six kinds of consideration in contract law.

Executory (Future) Consideration.
Executed (Present) Consideration.
Past Consideration.
Conditional Consideration.
Unreal Consideration.
Illegal Consideration.

What are the six types of consideration?

Types of Consideration

Money.
Services.
Personal property.
Real property.
Promise to act.
Promise to refrain from acting.

What are the two types of consideration?

Consideration is classified as one of two types:

executed: when the promise has been performed within the meaning of the contract, or.
executory: when the promise has not been performed.

What are some examples of consideration?

Anything of value promised by one party to the other when making a contract can be treated as “consideration”: for example, if A signs a contract to buy a car from B for $5,000, A’s consideration is the $5,000, and B’s consideration is the car.

What does consideration mean in real estate?

Consideration is the “what’s in it for me” element of the deal. It is what each party gives the other party as part of the bargain. Consideration could be the payment of money, the discharge of debt, the performance of services, or anything else of value. Real estate may be transferred with or without consideration.

What is consideration value of property?

As per section 43CA, if an asset (other than a capital asset), being land or building or both, is sold below the stamp duty value then such stamp duty value shall be deemed value of the consideration and used for the purpose of computing profit and gains from transfer of such assets.

What are various kinds of consideration?

According to Section 2(d) of the Indian Contract Act 1872, there are three kinds of Consideration, viz Past, Present and Future Consideration.