Consideration for a contract is the inducement from one party to another to form
the contract. The cause, motive, price or impelling influence that induces a
contracting party to enter into a contract is generally underlying consideration. (See
Black’s Law Dictionary, Sixth Edition.) Consideration generally is some right, interest,
profit or benefit, accruing to one party, or some forbearance, detriment, loss, or
responsibility, given, suffered, or undertaken by the other. (See Restatement Second,
Contracts, Sections 17(1), 17.)
Consideration is frequently defined as "a benefit to the party promising or a loss
or detriment to the party to whom the promise is made." Please see specific state for details and/or
differences.
ALABAMA
| ALASKA | ARIZONA | ARKANSAS
| CALIFORNIA | COLORADO
| CONNECTICUT | DELAWARE
| FLORIDA
GEORGIA | HAWAII | IDAHO
| ILLINOIS | INDIANA | IOWA
| KANSAS | KENTUCKY | LOUISIANA
| MAINE | MARYLAND
MASSACHUSETTS | MICHIGAN
| MINNESOTA | MISSISSIPPI
| MISSOURI | MONTANA | NEBRASKA
| NEVADA
NEW HAMPSHIRE | NEW
JERSEY | NEW MEXICO | NEW
YORK | NORTH CAROLINA | NORTH
DAKOTA | OHIO
OKLAHOMA | OREGON | PENNSYLVANIA
| RHODE ISLAND | SOUTH
CAROLINA | SOUTH DAKOTA | TENNESSEE
TEXAS | UTAH | VERMONT
| VIRGINIA | WASHINGTON
| WEST VIRGINIA | WISCONSIN
| WYOMING
ALABAMA
In Alabama, a promise to waive or forbear existing rights and options is also
understood to be consideration.
ALASKA
No extra details.
ARIZONA
No extra details.
ARKANSAS
No extra details.
CALIFORNIA
In California, generally speaking, consideration is the price bargained for and
paid for a promise.
COLORADO
In Colorado and at common law, every contract not under seal requires a consideration to support it, that is, as the consideration is the benefit to the promissor
or a loss or detriment to the promissee and usually where there is some benefit to the
promissor or some loss or detriment to the promissee.
CONNECTICUT
No extra details.
DELAWARE
No extra details.
FLORIDA
In Florida and at common law, every contract not under seal requires a consideration to support it, that is, as the consideration is the benefit to the promissor
or a loss or detriment to the promissee and usually where there is some benefit to the
promissor or some loss or detriment to the promissee.
GEORGIA
No extra details. HAWAII
No extra details.
IDAHO
No extra details.
ILLINOIS
No extra details.
INDIANA
In Indiana and at common law, every contract not under seal requires a consideration to support it. Consideration is the benefit to the promissor or a loss or
detriment to the promissee and usually occurs where there is some benefit to the
promissor or some loss or detriment to the promissee.
IOWA
In Iowa, ordinarily, consideration is the price paid for the undertaking of the
promissor.
KANSAS
In Kansas, consideration is what the grantee gives in money or promise, or
both, for a grant as a result of a bargain with a grantor.
KENTUCKY
In Kentucky, generally speaking, consideration is the price bargained for and
paid for a promise.
LOUISIANA
In Louisiana, under which we have the civil law, a “cause” in relation to
obligations is defined as the consideration or motive for a contract.
MAINE
In Maine and at common law, every contract not under seal requires a consideration to support it, that is, as the consideration is the benefit to the promissor
or a loss or detriment to the promissee and usually occurs where there is some benefit
to the promissor or some loss or detriment to the promissee.
MARYLAND
No extra details.
MASSACHUSETTS
In Massachusetts and at common law, every contract not under seal requires a
consideration to support it, that is, as the consideration is the benefit to the promissor
or a loss or detriment to the promissee and usually occurs where there is some benefit
to the promissor or some loss or detriment to the promissee.
MICHIGAN
No extra details.
MINNESOTA
In Minnesota and at common law, every contract not under seal requires a
consideration to support it, that is, as the consideration is the benefit to the promissor
or a loss or detriment to the promissee and usually occurs where there is some benefit
to the promissor or some loss or detriment to the promissee.
MISSISSIPPI
In Mississippi and at common law, every contract not under seal requires a
consideration to support it, that is, as the consideration is the benefit to the promissor
or a loss or detriment to the promissee and usually occurs where there is some benefit
to the promissor or some loss or detriment to the promissee.
MISSOURI
No extra details.
MONTANA
In Montana, generally speaking, consideration is the price bargained for and
paid for a promise.
NEBRASKA
No extra details.
NEVADA
No extra details.
NEW HAMPSHIRE
No extra details.
NEW JERSEY
In New Jersey, ordinarily, consideration is the price paid for the undertaking of
the promissor.
NEW MEXICO
No extra details. NEW YORK
No extra details.
NORTH CAROLINA
No extra details.
NORTH DAKOTA
No extra details.
OHIO
No extra details.
OKLAHOMA
In Oklahoma, consideration is something done, forborne, suffered, or promised
to be done, forborne, or suffered by the promissee in respect to a promise.
OREGON
No extra details.
PENNSYLVANIA
In Pennsylvania, generally speaking, consideration is the price bargained for
and paid for a promise.
RHODE ISLAND
No extra details.
SOUTH CAROLINA
No extra details.
SOUTH DAKOTA
In South Dakota, ordinarily, consideration is the price paid for the undertaking of
the promissor.
TENNESSEE
No extra details.
TEXAS
No extra details.
UTAH
No extra details.
VERMONT
No extra details.
VIRGINIA
In Virginia, generally speaking, consideration is the price bargained for and paid
for a promise.
WASHINGTON
No extra details.
WEST VIRGINIA
No extra details.
WISCONSIN
No extra details.
WYOMING
No extra details.
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