Adequate Consideration - Law Dictionary Search Results
Home Dictionary Name: adequate considerationAdequate consideration
Adequate consideration, The condition regarding adequate consideration would not apply to a gift, as a gift is a transfer without consideration, Kumari Sonia Bhatia v. State of U.P., AIR 1981 SC 1274: (1981) 2 SCC 585. [Contract Act, 1872, s. 2(b) (9 of 1872)]In the absence of a definition of the phrase 'adequate consideration', the common parlance meaning of the term has to be accepted. A reference to the decision of Hidayatullah, J. as he then was in Tulsidas Kilachand v. CIT shows that the words 'adequate consideration' were held to denote consideration other than mere love and affection which, in the case of a wife, may be presumed. When the law insists that there should be 'adequate consideration' and not good consideration , it excludes mere love and affection, Major V. P. Singh v. State of Uttar Pradesh, 1991 Supp (2) SCC 346 (347): AIR 1991 SC 1502. [U.P. Imposition of ceiling on Land Holdings Act, 1960, s. 5(6) Proviso(b) second clause]The words 'adequate consideration' clearl...
adequate consideration
adequate consideration see consideration ...
Valuable consideration
Valuable consideration, the expression 'valuable consideration' has a well known connotation in law and it is not synonymous with 'adequate consideration', Jagadguru Gurushidda Swami v. Dakshina Maharashtra Digambar Jain Sabha, AIR 1953 SC 514 (516): (1954) SCR 235. (Limitation Act, 1968, s. 10)The classic definition of 'valuable consideration' is given in Currie v. Misa, (1875) 10 Ex. 153 (162), thus: 'A valuable consideration in the sense of the law may consist either in so right, interest profit or benefit accruing to one party, or some forbearance, detriment, loss or responsibility, suffered or undertaken by the other, Chidambara Iyer v. P.S. Ranga Iyer, (1966) 1 SCR 168: AIR 1966 SC 193 (197). [Tamil Nadu Agriculturists Relief Act (4 of 1938), ss. 9A, 10(ii)(b)]...
gift
gift 1 : an intentional and gratuitous transfer of real or personal property by a donor with legal capacity who actually or constructively delivers the property to the donee with the intent of giving up dominion over the property and investing it in the donee who accepts it ;broadly : a voluntary transfer of property without compensation see also delivery compare donation, sale class gift : a usually testamentary gift of a sum to a group of unspecified persons whose number and identity and share of the gift will be determined sometime in the future (as at the death of the donor) com·plet·ed gift : a gift in which the dominion and control of the property is placed beyond the donor's reach gift cau·sa mor·tis [-kȯ-zə-mȯr-tis, -ka-sÄ -mȯr-tēs] pl: gifts causa mortis : a gift of esp. personal property made in contemplation of impending death that is delivered with the intent that the gift take effect only in the event of the donor's...
nondeductible terminable interest rule
nondeductible terminable interest rule : a rule in estate tax law: the value of a property interest that passes to a surviving spouse may not be deducted if it passes from the surviving spouse to another person for less than adequate consideration upon the happening of some event (as the passing of a period of time) ...
waste
waste 1 : destruction of or damage to property that is caused by the act or omission of one (as a lessee, mortgagor, or life tenant) having a lesser estate and is usually to the injury of another (as an heir, mortgagee, or remainderman) with an interest in the same property [an action for ] ame·lio·rat·ing waste [ə-mēl-yə-rā-ti-] : waste that leads to improvement of property (as by clearing the way for rebuilding something) called also ameliorative waste permissive waste : waste caused by the failure of a tenant to take ordinary or proper care of the property voluntary waste : waste caused by the intentional commission of a destructive act by a tenant 2 : a reduction of the value of assets (as in a trust) caused by a failure to exercise proper care or sound judgment in managing them ;esp : a transfer of corporate assets (as through excessive executive compensation or a merger) for no legitimate business purpose or for less than what a person ...
Contracting out of a statute
Contracting out of a statute. In accordance with the maxim, Quilibet potest [or Cuilibet licet] renunciare juri pro se introducto, persons for whose benefit a statute has been passed may contract with others in such a manner as to deprive themselves of the benefit of the statute, as, for instance, the benefit of the Employers Liability Act, 1880; see Griffiths v. Earl of Dudley, (1882) 9 QBD 357.Certain Acts prohibit 'contracting out' or impose limitations. For example, by s. 1 (3) of the Workmens Compensation Act, 1925, contracting out of the Act is allowed upon the certificate of the Registrar of Friendly Societies that a proposed scheme of compensation is not less favourable to the workmen than the scheme of compensation provided by the Act. See also s. 45 of the Agricultural Holdings Act, 1923; and s. 146 (12) of the (English) Law of Property Act,1925, which provides for relief against the forfeiture of a lease; and also ss. 95 and 96 as to mortgages which exclude contracting out, ...
Adequate
Adequate, In words and phrases (Permanent Edition-Volume 2) the word 'adequate' has been defined at page 545 thus: 'Adequate' means fully equal to requirements or occasions, commensurate... but in its primary has more popular significance nothing can be said to be 'adequate' which is not equal to what is required, suitable to the case or occasion, fully sufficient, proportionate, and satisfactory. And when used to qualify consideration, it has been defined thus; in the same volume at page 545: 'Fair consideration in money or money's worth' is consideration which under all circumstances is hones, reasonable, and free from suspicion, whether or not strictly 'adequate' or 'full', Km. Sonia Bhatia v. State of U.P., AIR 1981 SC 1274 (1280): 1981 (3) SCR 239....
Consideration
Consideration. Any act of the promisee (the person claiming the benefit of an obligation) from which the promisor (the person burdened with the obligation) or a stranger derives a benefit or advantage, or any labour detriment or inconvenience sustained or suffered by the promisee at the request, express or implied, of the promisor. See Laythoarp v. Bryant, 3 Scott 250; 2 Wms. Saund 137 h; Currie v. Misa, (1875) LR 10 Exch 153.Consideration is one of the facts which the courts require as evidence of intention, (a) that a person intends his promise to be binding on him, or (b) that he intends to divest himself of a beneficial interest in property. In its widest sense consideration is the price, motive or inducement for a promise or for a transfer of property from one person to another. The nature or quality of the consideration which will be sufficient for these purposes varies with the nature of the transaction and in the absence of consideration the Courts will, except in the case of s...
give
give gave giv·en giv·ing 1 a : to make a gift of [I the remainder of my estate to my wife] compare convey, sell b : to grant or bestow by formal action [the law s citizens the right to vote] 2 a : to transfer from one's authority or custody [the sheriff gave the prisoner to the warden] b : to execute and deliver [all officers must bond] c : to communicate or impart to another [failed to adequate notice] d : to offer or submit for the consideration of another [ testimony in court] 3 : to yield possession of by way of exchange [will top dollar for your used car] 4 a : to impose as punishment b : to award by formal verdict [judgment was given against the plaintiff] giv·er n ...
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