Is consideration most important element in a contract?

Question

Consideration is the most important element in the formation of a contract. Offer and acceptance is subscribed within consideration, and when consideration is established, Intention to create legal relation would ordinary be present.

Answer 1

There are five basic elements to any contract. 1Competent Parties; a contract can be considered invalid if one party is stoned drunk for example. 2, Offer;
the proposal made by one ( the offeror) to another (the offeree) that indicates the willingness to enter into a contract. 3, Acceptance, Both parties agree to be bound by the terms of the offer. 4, Mutual Agreement, a.k.a meeting of the minds.I know this sounds a little strange but it may be thought of as part of consideration, in that both parties agree to give up something of value that they have a legal right to keep. Mutual agreement and consideration six of one half a dozen of another. 5. Legality of purpose, The intent of the contract must have a legal purpose to be enforceable.
There is also what is known as proper form. Contracts such as those that involve $500. dollars or more, or, that cannot fulfilled within a year must be in writing to be enforceable, and must also follow a prescribed form. Needless to say this is not always done. We wouldn't have Judge Judy and all the rest of them if it was. All of these elements must be present for a contract to be enforceable.

Answer 2

Elements Of A Contract Consideration

Answer 3

I've been practicing law since 1993. The 3 basic elements of any contract are: (1) offer; (2) acceptance of the offer; and (3) consideration, sometimes referred to as an exchange of value. You cannot say that consideration is more important than the other two elements. If you are missing even one of the elements, there is not contract.

Answer 4

That's one perspective. I don't agree.

The basic concept of legal elements is that they are a checklist. All of them must be present, or there is no contract (or tort, etc.)

I don't consider offer and acceptance as subsumed within consideration. Offer and acceptance form the mutual consent aspect of the agreement. It's possible to have an agreement to without both sides suffering legal detriment.

Someone can also suffer legal detriment without any agreement. Intent is an aspect of consent. Taking the agreement out of the contract is like taking consent out of sex. It drastically changes the entire transaction.

Answer 5

As an attorney who has practiced law for twenty two years I would have to say that there is no such thing as "a most important element in a contract". They are all important since if any one of the elements necessary to make a binding contract would be absent from it, it would be sufficient to void it.

Answer 6

Consideration is one of the essential elements of a contract together with consent of the parties and object of the contract. If consideration is absent, there is no contract just like the absence of any of the other two elements.

Answer 7

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I know of three types of love mentioned in the Bible: Eros, filia and agape. Eros is erotic love. Filia is brotherly love. Agape is a type of unconditional love ... used in reference to Christ's sacrifice for our sins. These are difficult and profound concepts that should be meditated on, and not glossed over (like I am doing right now.) A healthy marriage includes all three types of love. It has a little bit of all of these elements. Nowhere in these ancient concepts of love, do we see the idea of "romance." Perhaps eros, but the idea of people marrying because of "eros" would have sent our ancestors directly onto the floor, laughing. The "contract" (in normal social conditions) comes about when these three types of love are there, and there is devotion, material support and family support. It is only today, that people marry because they "love" each other. Loving a person is no reason to marry them. A lot of Christian sects have this confused. It takes a lot more than "eros" to make your household endure. In a lot of societies that are less materially developed as we are, they arrange marriages based on other considerations that THEY consider important, and they let the love grow over time.

Answer 8

Without consideration you don't have a contract, you have a promise...as simple as that.

Answer 9

In Real Estate, the words "contingent upon" and "subject to" are most important.

Answer 10

No. The signatures at the bottom is.