MLchartDataset catalogue

Valuable consideration

Term · Law · MLC-T-LAW-005136

Something of legal value exchanged between parties in a contract, forming the basis for a binding agreement. It involves a benefit to the promisor or a detriment to the promisee, such as money, goods, services, or a promise to perform or refrain from an act. This type of consideration distinguishes a legally enforceable contract from a mere gift or gratuitous promise.

Table 1. Record
IdentifierMLC-T-LAW-005136
FieldLaw
Record as JSON 
{
  "id": "MLC-T-LAW-005136",
  "term": "Valuable consideration",
  "field": "Law",
  "definition": "Something of legal value exchanged between parties in a contract, forming the basis for a binding agreement. It involves a benefit to the promisor or a detriment to the promisee, such as money, goods, services, or a promise to perform or refrain from an act. This type of consideration distinguishes a legally enforceable contract from a mere gift or gratuitous promise.",
  "url": "https://mlchart.com/terminology/law/valuable-consideration/"
}

Record 5,260 of 5,441 in Law terminology (MLC-0107). Request the full dataset.