Good Consideration - Law Dictionary Search Results
Home Dictionary Name: good considerationGood consideration
Good consideration, e.g. natural love and affection: distinguish from valuable consideration. See (English) Law of Property Act, 1925, s. 172; FRAUDULENT CONVEYANCE; and CONSIDERATION....
good consideration
good consideration see consideration ...
consideration
consideration : something (as an act or forbearance or the promise thereof) done or given by one party for the act or promise of another see also contract compare motive NOTE: Except in Louisiana, consideration is a necessary element to the creation of a contract. The consideration must result from bargaining by the parties, and must be the thing that induces the mutual promises. ad·e·quate consideration : a consideration that is reasonably equivalent in value to the thing for which it is given fair consideration : a consideration that is reasonable and given in good faith ;specif : something with a reasonably equivalent value that under the laws of fraudulent conveyances is given in good faith in exchange for the transfer of property good consideration 1 : a consideration based on a family relationship or natural love and affection 2 : valuable consideration in this entry NOTE: When used as defined in sense 1 good consideration is the opposite of valuable consider...
Adequate 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...
Voluntary conveyance
Voluntary conveyance. A conveyance by way of gift or otherwise without valuable consideration. Liable to be defeated, under 27 Eliz. c. 4, by a subsequent sale for value, but no voluntary disposition whenever made shall be deemed to have been made with intent to defraud by reason only that a subsequent conveyance for valuable consideration was made if that conveyance was made after the 18th January, 1893: (English) Law of Property Act, 1925, s. 173, reproducing 27 Eliz. c. 4, as amended by the (English) Voluntary Conveyances Act, 1893. Any conveyance made with intent to defeat or delay creditors may be set aside under 13 Eliz. c. 5; see Twyne's Case, (1601) 3 Rep. 80; 1 Sm. L.C., unless the conveyance was made for valuable consideration and in good faith or upon good consideration and in good faith to any person not having at the time of the conveyance notice of the intent to defraud creditors [s. 172 (3), (English) Law of Property Act, 1925] This Act (ss. 172 and 173) repeals and repr...
Resale of goods
Resale of goods, a resale of goods is also a sale of goods and the money consideration for such resale is the price payable in respect of such resale. When a person purchases goods, he may sell them in his turn. Such second sale is generally referred to as a resale. A resale may be to a third person or to the original seller. In either case, the money consideration for such second sale would be the price of goods resold, Gopalakrishna Pillai v. K.M. Mani, AIR 1984 SC 216: (1984) 2 SCC 83....
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 ...
Fraudulent conveyances, Statutes against
Fraudulent conveyances, Statutes against, sect. 172 of the (English) L.P. Act, 1925, now provides that every conveyance of property made either or before 1925 with intent to defraud creditors shall be voidable at the instance of any person thereby prejudiced, but the s. does not affect disentailing assurances or the law of bankruptcy, nor does it extend to conveyances in good faith either for valuable or for good consideration to any person without notice of fradulent intent. This enactment replaces 13 Eliz. c. 5 (A.D. 1570), made perpetual by 29 Eliz. c. 5. See Twyne's case, (1602) 3 Rep 80; 1 Smith's L.C. 1; Halifax Bank v. Gledhill, (1891) 1 Ch 31.The 27 Eliz. c. 4, s. 2, made perpetual by 39 Eliz. c. 18, enacts that every conveyance of lands, made with the intent to defraud and deceive any person, bodies politic or corporate, who shall purchase the same, shall be deemed (as against that person, etc.) to be utterly void. But the Act shall not be construed to defeat or make void any ...
Good cause, sufficient case Difference
Good cause, sufficient case Difference, The differ-ence between the words 'good cause' for non-appearance in O. IX, R. 7 and 'sufficient cause' for the same purpose in O. IX, R. 13 as pointing to different criteria of 'goodness' or 'sufficiently' for succeeding in the two proceedings; and as there-fore furnishing a ground for the inapplicability of the rule of res judicata. As this ground was not seriously mentioned before us, we need not examine it in any detail but we might observe that we do not see any material difference between the facts to be established for satisfying the two tests of 'good cause' and 'sufficient cause'. We are unable to conceive of a 'good cause' which is not 'sufficient' as affording an explanation for non-appearance, nor conversely of a 'sufficient cause' which is not a good one and we would add that either of these is not different 'good and sufficient cause' which is used in this context in other statutes. If, on the other hand, there is any difference bet...
Sale of goods and purchase of goods
Sale of goods and purchase of goods, in order to constitute a sale there must be an agreement for sale of goods for a price and the passing of property therein pursuant to such an agreement, in order to constitute a sale it is necessary that there should be an agreement between the parties for the purpose of transferring title to goods which of course presupposes capacity to contract, that it must be supported by money consideration, and that as a result of the transaction property must actually pass in the goods. Unless all these elements are present, there can be no sale'.On the other hand to constitute a 'purchase of goods' within this Entry, there must be an agree-ment for purchase of goods and the passing of property therein pursuant to such an agreement, State of Madras v. Gannou Dunreeley & Co., AIR 1958 SC 560 followed; Andhra Sugars Ltd. v. State of Andhra Pradesh, AIR 1968 SC 599 (602). [Constitution of India, Sch. 7, List 2, Entry 54]...
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