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Thread: Consideration, giving up, under the contract

  1. #1 Consideration, giving up, under the contract 
    Forum Sophomore
    Join Date
    Nov 2013
    Would anyone possibly help me what the following means?I can not find it's concept.
    Mutual agreement of parties to rescind or revoke a contract is valid, since the consideration of each party to such an agreement is the giving up of a legal right under the contract

    Thanks in advance

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  3. #2  
    Moderator Moderator
    Join Date
    Nov 2011
    city of wine and roses
    Consideration is what each party gives up, even in simple transactions.

    I give up my rights in a parcel of land in exchange for your consideration of cash (or shares or other land or some other cash equivalent).

    Consideration is a way of saying that things can be exchanged for other than cash. It includes barter or other valuable consideration as payment for something. It can be as simple as my two pumpkins for your two kilos of peaches or as complex as one of those multi-billion dollar transactions between multi-national companies where land, buildings, mining sites, parcels of shares and rights to various things are all put into the mix.

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    "Courage is what it takes to stand up and speak; courage is also what it takes to sit down and listen." Winston Churchill
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