Definition of Consideration

The Inducement to a contractu The cause, motive, price or impelling influence which induces a' contracting party to enter into a contract. The reason or material cause of a contract. Insurance Co., v. Raddin, 120 U. S. 183, 7 Sup. Ct. 500, 30 I Ed. 644; Eastman v. Miller, 113 Iowa, 404, 85 N. W. 635; St Mark's Church v. Teed, 120 N. Y. 583, 24 N. E. 1014 ; Fertilizer Co. v. Dunan, 91 Md. 144, 46 Atl. 347, 50 In R. A. 401; Kemp v. Bank, 109 Fed. 48, 48 C. C. A. 213; Streshley v. Powell, 12 B. Mon. (Ky.) 178; Roberts v. New York, 5 Abb. Prae. (N. Y.) 41; Rice v. Almy, 32 Co.nn. 207. Any benefit conferred, or agreed to be conferred, upon the promisor, by any other person, to which the promisor is not lawfully entitled, or any prejudice suffered, or agreed to be suffered, by such person, other than such as he is at the time of consent lawfully bound to suffer, as an inducement to the promisor, is a good consideration for a promise. Civ. Code Cal. § 1605. Any act of the plaintiff from which the defendant or a stranger derives a benefit or advantage, or any labor, detriment, or inconvenience sustained by the plaintiff, however small, lf such act is performed or inconvenience suffered by the plaintiff by the consent, express or implied, of the defendant 3 Scott, 250. Considerations are classified and defined as follows: They are either express or implied; the former when they are specifically stated in a deed, contract, or other instrument; the latter when inferred or supposed by the law from the acts or situation of the parties. They are either executed or executory; the former being acts done or values given before or at the time of making the contract; the latter being promises to give or do something in future. They are either good or valuable. A good consideration is such as is founded on natural duty and affection, or on a strong moral obligation. A valuable consideration is founded on money, or something convertible into money, or having a value in money, except marriage, which is a valuable consideration. Code Ga. 1882, § 2741. See Chit Cont. 7. A continuing consideration is one consisting in acts or performances which must necessarily extend over a considerable period of time. Concurrent considerations are those which arise at the same time or where the promises are simultaneous. Equitable or moral considerations are devoid of efficacy in point of strict law, but are founded upon a moral duty, and may be made the bssis of an express promise. A gratuitous consideration is one which ls not founded upon any such loss, injury, or inconvenience to the party to whom it moves as to make it valid in law. Past consideration is an act done before the contract is made, and is really by itself no consideration for a promise. Anson, Co.nt. A nominal consideration is one bearing no relation to the rcal value of the contract or article, as where a parcel of land is described in a deed as being sold for "one dollar," no actual consideration passing, or the real consideration being concealed. This term is alse sometimes used as descriptive of an inflated or exaggerated value placed upon property for the purpose of an exchange. Boyd v. Watson, 101 Iowa, 214, 70 N. W. 123. A sufficient consideration is one deemed by the law of sufficient value to support an ordinary contract between parties, or one sufficient to support the particular transaction. Golson v. Dunlap, 73 Cal. 157, 14 Pac. 576. For definition of an adequate consideration, see Adequate. A legal consideration is one recognized or permitted by the law as valid and lawful; as-distinguished from such as are Illegal or immoral. The term is also sometimes used as equivalent to "good" or "sufficient" consideration. See Sampson v. Swift, 11 Vt. 315; Albert Lea College v. Brown, 88 Minn. 524, 93 N. W. 072, 60 In R. A. 870. A pecuniary consideration is a consideration for an act or forbearance which consists either in money presently passing or in money to be paid in the future, including a promise to pay a debt in full which otherwise would be released or diminished by bankruptcy or insolvency proceedings. See Phelps v. Thomas, 6 Gray (Mass.) 328; In re Ekings (D. C.) 6 Fed. 170.