A consideration is essential to a contract which the law will enforce. An executory contract without such consideration is called nudum pactum or a naked promise. In some cases a consideration is presumed, and an averment to the contrary will not be received. History. Orig. Code 1863, § 2703; Code 1868, § 2697; Code 1873, […]
Considerations are distinguished into “good” and “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. History. Orig. Code 1863, […]
To constitute consideration, a performance or a return promise must be bargained for by the parties to a contract. A performance or return promise is bargained for if it is sought by the promisor in exchange for his promise and is given by the promisee in exchange for that promise. The performance may consist of: […]
If the requirement of consideration is met, there is no additional requirement of a gain, advantage, or benefit to the promisor or of a loss, disadvantage, or detriment to the promisee. History. Code 1933, § 20-302.1, enacted by Ga. L. 1981, p. 876, § 2. Law reviews. For article discussing third party beneficiary contracts, see […]
A promise which the promisor should reasonably expect to induce action or forbearance on the part of the promisee or a third person and which does induce such action or forbearance is binding if injustice can be avoided only by enforcement of the promise. The remedy granted for breach may be limited as justice requires. […]
If the consideration is good in part and void in part, the promise will or will not be sustained, depending upon whether it is entire or severable. If the consideration is illegal in whole or in part, the whole promise fails. History. Orig. Code 1863, § 2709; Code 1868, § 2703; Code 1873, § 2745; […]
Mere inadequacy of consideration alone will not void a contract. If the inadequacy is great, it is a strong circumstance to evidence fraud; and, in an action for damages for breach of a contract, the inadequacy of consideration will always enter as an element in estimating the damages. History. Orig. Code 1863, § 2706; Code […]
An impossible consideration is insufficient to sustain any promise; however, if the consideration is possible but improbable, it is sufficient to sustain the promise. History. Orig. Code 1863, § 2710; Code 1868, § 2704; Code 1873, § 2746; Code 1882, § 2746; Civil Code 1895, § 3663; Civil Code 1910, § 4248; Code 1933, § […]
