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Comparative law notes

Consideration is typical of common law systems. Under Brazilian law, consideration is not required in order for a contract to be enforceable. Thus, in Brazil, a gift ("doação") is an enforceable contract although it has no element of consideration.

Definitions of consideration

payment made in exchange for performance of a contract; something of value given by one party to another in order to induce (=persuade, encourage, convince) the other to contract; anything given or promised by one party in exchange for the promise or action of another. In common law systems, consideration is a necessary element for an enforceable contract.

As used in this section, 'total consideration paid or contracted to be paid' includes money or anything of value, paid or delivered or contracted to be paid or delivered in return for the sale.

if you take something into consideration then you think about it, especially when you are making important decision

The court did not take the recent ruling into consideration when deciding whether there had been a violation of the law.

careful thought about a particular fact or issue, especially when you are making important decision

The matter has received our closest and most careful consideration.

Hi and welcome to TransLegal's lesson of the week. Today we're going to be talking about consideration in contract. Now this is a commonly confused term because it really doesn't exist outside of common law contract, but in the context of contract law consideration is a vital element required to form a contract. Along with an offer, acceptance and the intent to create legal relations, consideration is fundamental. As a general rule, a contract is not enforceable if there is no consideration. So what is consideration? Well it's the thing that's done or given or the promise to do so by one party of the contract in exchange for the act or promise of the other party to the contract. The idea is that in order for a party to enforce a promise they must be given something quid pro quo for it, which begs the question, what's quid pro quo? Well quid pro quo is a Latin expression which means something for something. It just signifies an equal exchange or substitution that one makes with another in return for something done or given or promised. So consideration therefore is payment in any form under a contract, whether it's cash, shares, property, bananas, etc. That's it for today. If you have any questions about consideration, please leave them in the comments section below and myself or one of my colleagues will be happy to get back to you. Thanks.