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In Consideration of the Sum of Ten Dollars and Other Form

In Consideration of the Sum of Ten Dollars and Other Form

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foreign hey thanks for joining me for this lecture in this session we're going to be exploring the concept of consideration some of its different types as well as the rules that govern its validity and enforceability and contracts so to start let's talk about what consideration is consideration refers to something of value that is exchanged between the parties in a contract now consideration can take different forms and is essential to the formation of a contract now there are four common types of consideration the first is that consideration can be a benefit conferred upon the promisee this means that the promisee gains something of value or receives a positive outcome as a result of the contract for example if John promises to pay Sarah 500 for painting his house the benefit to Sarah is the payment that she will receive upon completion of the work consideration can also be a detriment incurred by the promissor for this to exist the promissor willingly gives up or sacr

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