In Consideration Of The Mutual Covenants And Agreements Herein Contained

The requirements of a binding contract vary from one legal order to another and do not all require consideration. It seems that this is primarily a requirement in the common law legal orders. Scottish legislation, which contains elements of both common law and Roman law, does not need to be considered. Many of the civil laws we have encountered do not need to be taken into account. I have therefore decided, after a long absence, to reconsider the importance of good and valuable consideration. I had to dig deep. You will not find discussion about this in the obvious American treaties or anywhere else in the contract literature. Given the premises and reciprocal alliances set out in them, and for other good and valuable counterparties, whose preservation and sufficiency are recognized and must be linked, the parties agree: „Thinking means something precious which, according to English law, should not be money and should not be“ sufficient. Only the revision of the wording associated with it in a treaty (hence the end of this remark) and I see that the usual formulation is that reflection „must be sufficient, but should not be appropriate“. I know there are differences between the daily and legal use of the words „appropriate“ and „sufficient,“ but the use of those words in your statement above seems different from the usual rule? [I]t is not within the power of the draughtsman to transform something that cannot be taken into account by reciting that it is „considered“.

Reflection means something valuable which, according to English law, should not be money and should not be „sufficient“, i.e. a market value. For example, both parties may agree, in the context of a two-way confidentiality agreement, to pass on information to the other party and, in this situation, it is easy to find a solution. When a party is concerned about whether a counterparty has moved from a party to the agreement, a common solution is to add to the agreement a nominal payment obligation, for example. B 1 or 10 USD. Under English law, if the contract is executed as an act, no consideration is required.