Executory Consideration - Law Dictionary Search Results
Home Dictionary Name: executory considerationExecutory consideration
Executory consideration. A consideration which is to be performed after the contract for which it is a consideration is made. See CONSIDERATION....
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...
Specific performance
Specific performance. Equity, in obedience to the cardinal rule of natural justice that a person should perform his agreement enforces, pursuant to a regulated and judicial discretion, the actual accomplishment of a thing stipulated for, on the ground that what is lawfully agreed to be done ought to be done, and that damages at law for breach of the contract are not a sufficient com-pensation. The Common Law has not recognized this principle; it has only given damages to a suffering party for the non-performance of an executory agreement. The (English) C.L.P. Act, 1854, however, imparted to the Common Law writ of mandamus a little more efficacy by provisions since superseded by s. 24 of the Judicature Act, 1873, now by Judicature Act, 1925, s. 36, and the (English) Mercantile Law Amendment Act, 1856, introduced a procedure for enforcing the specific delivery of goods sold, specially superseded by s. 52 of the (English) Sale of Goods Act, 1893.An award of damages may be combined with a ...
Executed consideration
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....
Immoral contracts
Immoral contracts, contracts founded upon considerations contra bonos mores, are void. Ex turpi contractu non oritur actio. But where a contract founded upon an immoral consideration has been executed, neither law nor equity will interfere to set it aside if both parties have been equally in fault, for in pari delicto potior est conditio defendentis.Yet a contract under seal, made in consideration of past seduction or cohabitation, can be enforced; not because it is binding in honour and conscience, for such a reason is not sufficient, but because it is a specialty (see CONTRACT), and has not been made for an executory consideration of an illegal nature. A covenant to pay money in consideration of future cohabitation is void, though under seal, Ayerst v. Jenkins, (1873) LR 16 Eq 275. See ILLEGAL CONTR-ACT....
Executory devise
Executory devise. Mr. Fearne (Cont. Rem. 386) defines an executory devise to be, strictly, such a limitation of a future estate or interest in lands or chattels (though, in the case of chattels personal, it is more properly an executory bequest) as the law admits in the case of a will, though contrary to the rules of limitation in conveyances at Common Law. It is only an indulgence allowed to a man's last will and testament, where otherwise the words of the will would be void; for wherever a future interest is so limited by devise as to operate as a contingent remainder, such an interest is not an executory devise, but a contingent remainder.Executory Devises have been divided into three kinds, two relative to real, and the third to personal estate only, viz.:-(1) Where a testator devises his whole fee-simple, but upon some contingency qualifies such devise, and limits an estate on the contingency; e.g., a devise of land to the testator's wife for life, remainder to C., his second son ...
Executory limitation
Executory limitation. A limitation of a future interest by deed or will; if by will, it is also called an executory devise. The (English) Conveyancing Act, 1882 (45 & 46 Vict. c. 39), s. 10, restricted executory limitations of land contained in an instrument coming into operation after 1st January, 1883, by the enactment:'Where there is a person entitled to land for an estate in fee, or for a term of years absolute or determinable on life, or for term of life, with an executory limitation over on default or failure of all or any of his issue whether within or at any specified period of time or not, that executory limitation shall be or become void and incapable of taking effect, if and as soon as there is living any issue who has attained the age of 21 years, of the class on default or failure whereof the limitation over was to take effect.' See Re Booth, (1900) 1 Ch 768; Re Shrubb, 1910 WN 143.These provisions were re-enacted by s. 134 of the (English) Land Charges Act, 1925, and exte...
executory limitation
executory limitation : a limitation that creates an executory interest [a fee simple subject to an executory limitation] see also executory interest at interest ...
executory contract or lease
executory contract or lease Generally includes contracts or leases under which both parties to the agreement have duties remaining to be performed. (If a contract or lease is executory, a debtor may assume it or reject it.) Source: Administrative Office of the U.S. Courts ...
Executory trusts
Executory trusts. In the case of articles of agreement, made in contemplation of marriage, and which are consequently preparatory to a settlement, and in the case of those wills which are merely directory of a subsequent conveyance, the trusts declared by them are said to be executory or imperfect, because they require an ulterior act to raise and perfect them. They are rather considered as instructions for settlements than as instruments in themselves complete; and therefore Equity, in order to promote the presumed views of the parties in the one case and to support the manifest intention of the testator in the other, will attach to the words expressive of the trusts a more liberal and enlarged construction than they would admit if applied either to the limitation of a legal estate or a trust executed, 1 Sand. Uses and Trusts, 237, Lord Glenorchy v. Bosville, (1733) Cas Temp Talb 3; 1 W&TLC....
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