Executed Consideration - Definition - Law Dictionary Home Dictionary Definition executed-consideration

Definition :

Executed consideration, a consideration which is executed before the promise upon which it is founded is made, as where A. bails a man's servant, and the master afterwards promises to indemnify A.; but if a man promise to indemnify A. in the event of his bailing his servant, the consideration is then executory. With respect to an executed consideration, the rule is, that if it were not at the precedent request, express or implied, of the promiser, but a merely voluntary courtesy, it will not suffice to support a promise; therefore, in the first example, the promise would not be binding unless the bailing were at the master's precedent request. See notes to Lampleigh v. Brathwait, (1616), 1 Sm. L.C., and CONSIDERA-TION; CONTACT.