Valuable Consideration - Law Dictionary Search Results
Home Dictionary Name: valuable considerationValuable 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)]...
valuable consideration
valuable consideration 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...
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...
Good 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....
Salary or wages
Salary or wages, means all remuneration (other than remuneration in respect of over-time work) capable of being expressed in terms of money, which would, if the terms of employment, express or implied, were fulfilled, be payable to an employee in respect of his employment or of work done in such employment and includes dearness allowance (that is to say, all cash payments, by whatever name called, paid to an employee on account of a rise in the cost of living), but does not include--(i) any other allowance which the employee is for the time being entitled to;(ii) the value of any house accommodation or of supply of light, water, medical attendance or other amenity or of any service or of any concessional supply of foodgrains or other articles.(iii) any travelling concession;(iv) any bonus (including incentive, production and attendance bonus);(v) any contribution paid or payable by the employer to any pension fund or provident fund or for the benefit of the employee under any law for t...
Sale price
Sale price, 'Sale Price' means the amount payable to a dealer as consideration for the sale of any goods, less any sum allowed as cash discount according to the practice normally prevailing in the trade, but inclusive of any sum charged for anything done by the dealer in respect of the goods at the time of or before the delivery thereof other than the cost of freight or delivery of the cost of installation in case where such cost is separately charged and the expression 'purchase price' shall be construed accordingly, Shree Gopal Industries Ltd. v. State of Rajasthan, AIR 1971 SC 2054: (1971) 2 SCC 532.(ii) Under s. 4 of the Madhya Pradesh General Sales Tax Act, 1958 the liability to pay tax is that of the dealer. The purchaser has no liability to pay tax. There is no provision in the Act from which it can be gathered that the Act imposes any liability on the purchaser to pay the tax imposed on the dealer. If the dealer passes on his tax burden to his purchasers he can only do it by au...
Purchase price
Purchase price, means the amount of valuable consideration paid or payable by a person for any purchase made including any sum charged for anything done by the seller in respect of the goods at the time of or before delivery thereof, other than the cost of insurance for transit or of installation, when such cost is separately charged. [The Maharashtra Value Added Tax Act, 2002, s. 2(20)]Means the amount of valuable consideration paid or payable by a person for any purchase made including the amount of duties levied or leviable under the Central Excise Tariff Act, 1985 (5 of 1986) or the Customs Act, 1962 (52 of 1962) and any sum charged for anything done by the seller in respect of the goods at the time of or before delivery thereof, other than the cost of insurance for transit or of installation, when such cost is separately charged and includes--(a) in relation to:(i) the transfer, otherwise than in pursuance of a contract, of property in any goods,(ii) the supply of goods by any uni...
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...
Purchaser
Purchaser, a buyer, a vendee; also the root of descent, from whom, under the (English) Inheritance Act, 1833, the descent was in every case to be traced, before 1926, and now, as to a limitation to the heir taking effect as purchaser (see previous title, and (English) L.P. Act, 1925, s. 132).The statute enacts that in every case descent shall be traced from the purchaser; and to the intent that the pedigree may never be carried further back than the circumstances of the case and the nature of the title shall require, the person last entitled to the land (which expression extends to the last person who had a right thereto, whether he did or did not obtain the possession or the receipt of the rents and profits thereof (s. 1)), is, for the purposes of the Act, to be considered to have been the purchaser thereof, unless it shall be proved that he inherited the same, in which case the person from whom be inherited the same shall be considered to have been the purchaser, unless it shall be p...
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