NO CONSIDERATION Meaning and
Definition
-
No consideration refers to a legal concept that is essential in contract law. It refers to a situation where one party promises to perform a specific action or provide something of value to another party, but the promise is made without the expectation of receiving anything in return. In other words, no consideration refers to a lack of any valuable exchange in a contract.
Consideration is a vital element in forming a legally binding contract. It involves the exchange of something of value between the parties involved, such as money, goods, or services. This exchange demonstrates the mutual intention to be legally bound. It is this concept that differentiates a contract from a gift or a mere promise.
When no consideration is present, the promise lacks the essential quality required for forming a legally enforceable agreement. In such cases, the promise made by one party is merely gratuitous and does not create any legal obligation for the other party to perform or fulfill the promise. Therefore, if one party fails to carry out the promise, the other party generally has no legal recourse for enforcing the agreement.
In summary, "no consideration" refers to a situation where a promise is made without any expectation of receiving something valuable in return. This absence of valuable exchange renders the promise gratuitous and creates no legally enforceable obligation for the promisee.
Common Misspellings for NO CONSIDERATION
- noconsideration
- no.consideration
- bo consideration
- mo consideration
- jo consideration
- ho consideration
- ni consideration
- nk consideration
- nl consideration
- np consideration
- n0 consideration
- n9 consideration
- no xonsideration
- no vonsideration
- no fonsideration
- no donsideration
- no cinsideration
- no cknsideration
- no clnsideration
- no cpnsideration
Etymology of NO CONSIDERATION
The word "consideration" comes from the Latin word "consideratio", which means "a looking at, observing, considering, examination". It is derived from the verb "considerare", which combines "con-" (meaning "with" or "thoroughly") and "siderare" (meaning "to look at" or "to observe").
The term "no consideration" can be understood by breaking it down into its two parts. "No" is an English word that indicates negation or absence, while "consideration" refers to careful thought, attention, or deliberation. The phrase "no consideration" thus conveys the absence or lack of careful thought or deliberation.
Infographic
Add the infographic to your website:
