Valuable consideration

Definition

A benefit conferred or a detriment incurred by a party in exchange for another's promise. Valuable consideration may be non-monetary as long as it is of some value to one or both parties. Also called good and valuable consideration and legal consideration.

Illustrative caselaw

See, e.g. Digital Equipment Corp. v. Desktop Direct, Inc., 511 U.S. 863 (1994).

See also

• Consideration

• Contract

Definition from Nolo’s Plain-English Law Dictionary

Definition provided by Nolo’s Plain-English Law Dictionary.

August 19, 2010, 5:26 pm