Consideration in Contract Law

Vocabulary BuilderTo tackle: To confront or deal with a challenge or problem. (e.g., "The lawyers decided to tackle the issue of liability head-on.")Consideration: Something of value exchanged between parties to make a contract binding. (e.g., "The consideration for the lease was the monthly rent payment.")To enter into: To formally become involved in an agreement or contract. (e.g., "The parties entered into a binding arbitration agreement.")To unpack something: To analyze or explain something in detail. (e.g., "The judge carefully unpacked the complex legal arguments.")A bargain: An agreement between parties, often involving the exchange of goods or services. (e.g., "The plea bargain allowed the defendant to avoid a lengthy trial.")Cold hard cash: Money in the form of physical currency, emphasizing its immediate and tangible nature. (e.g., "The contract required payment in cold hard cash.")To be all ears: To listen attentively. (e.g., "The mediator was all ears as the parties explained their positions.")To give up something: To relinquish a right, claim, or possession. (e.g., "The defendant gave up their right to a jury trial.")To trim hedges: To reduce or limit something, often to avoid risk or exposure. (e.g., "The company trimmed its legal liabilities by implementing a new safety protocol.")Forbearance: The act of refraining from enforcing a right or debt. (e.g., "The bank granted the homeowner forbearance on their mortgage payments.")The backbone of something: The essential part of something that provides support. (e.g., "Contract law is the backbone of commercial transactions.")To spot something: To identify or notice something, often that is difficult to find. (e.g., "The lawyer spotted a loophole in the contract.")To wrap up: To conclude or finish something. (e.g., "The parties hoped to wrap up negotiations by the end of the week.")Likewise: Similarly; in the same way. (e.g., "The plaintiff breached the contract; likewise, the defendant failed to fulfill their obligations.")Need Classes? Legal English innovation has several classes weekly, focusing on commercial law and other areas to help you communicate better with your clients.+57 320-315-4781 Follow us on Instagram!Friends on Facebook? Like us on Linked In?