What is meant by consideration? What does it usually consist of in the workplace? What do we mean by illusory consideration?

Expert Solution

In the legal system, the term consideration in contract law refers to something of value given to someone in return for goods, services, or some other promise. A valid contract must include consideration for every party involved. Something with monetary value, voluntarily exchanged for an act, benefit, forbearance, interest, promise, right, or goods or services. for example-In banking, the loan-amount is a consideration, in exchange for the borrower's promise to repay the principal and to pay interest and other charges.

When we see consideration in the workplace we seek that the employee should consider the compensation, safety, fair management practices, follow of employment laws etc for the services provided by the employee.

illusionary Consideration means a promise in a contract that party gives as consideration a promise that is so insubstantial that it would not result in or impose any obligations. Such promise would make the contract unenforceable.

A promise that is unenforceable due to indefiniteness or lack of mutuality, where only one side is bound to perform. An example of this would be an agreement between a seller and buyer which states that the seller "agrees to sell all of the ice cream he wants to" to the buyer.

keosha answered 2 years ago

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