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Consideration |
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ConsiderationA required element in all contracts by which some-thing of value, including a promise, is exchanged for the act or promise of another.ConsiderationSomething of value given by one party to another in return for entering into a contract. To be enforceable under UK law, contracts require that each party has given consideration to the other, however small. Hence the reason for contracts entered into 'for consideration of £1'. |
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