Consideration (United States)

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Consideration ( German  consideration ) referred to the common law of the United States the need for a return to the conclusion of contracts .

General

The consideration is a prerequisite for the enforceability of a contract in the event of a breach of contract . For example, in a sales contract, the seller hands over the goods , while the consideration consists in the payment of the purchase price by the buyer. The basic idea here is that contractual promises should only be legally enforceable if they are part of a business ( English bargain ).

appropriateness

In US common law, the principle applies that the equivalent of consideration is not examined; so that an appropriate consideration ( Latin quid pro quo ) is therefore not required. Any consideration, however minor, is sufficient for the binding effect of a promise. After Case law (already a "peppercorn" enough in return English peppercorn ). If the consideration is only provided in appearance (contracts with a symbolic purchase price of US $ 1), this indicates that the transaction is void .

Legal consequences

A contract is null and void if no consideration is given or provided . The requirement of consideration only does not apply to sealed contracts ( English under seal ) and changes . It is generally accepted that the gift always lacks consideration, because the mere acceptance of the gift is not consideration. Therefore, the donation does not fall under American contract law, but is a purely property law process.

Individual evidence

  1. ↑ Thomas Söbbing (Ed.), IT Outsourcing Handbook , 2015, p. 48
  2. ↑ Ferdinand Fromholzer, Consideration: US-American law compared to German law , 1997, p. 22
  3. ↑ John D. Calamari / Joseph M. Perillo, Cases and Problems on Contracts , 2003, pp. 177 ff.
  4. ↑ Omaha National Bank v. Goddard Realty, Inc , 316 NW 2d 306, 210 Nebraska 604 (1982)
  5. ↑ Publishing company "Law and Economy", foreign trade service of the business adviser , Volume 9, 1963, p. 192
  6. ↑ John D. Calamari / Joseph M. Perillo, Cases and Problems on Contracts , 2003, pp. 177 ff.