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The values between consideration passed by each party to a contract need not be comparable. As a result, contracts in the United States have sometimes have had one party pass nominal amounts of consideration, typically citing $1.
Option contracts allow "nominal" or even "sham" consideration, the comments I recall even allow the "promise" of $1 to suffice even if you lie
6 Jan 2015 In patent law, an assignment is a contract transferring ownership of an 2014-1186, N.D. Ill.), the court looked at the consideration clause in
In general, the amount of consideration does not have to equal the true value of the contract. In fact, in order to satisfy the consideration requirement, contracts in common law jurisdictions often have one party provide nominal consideration — typically $1 or ?1 — as evidence of an intention to be bound.
Why Does My Boat Sales Contract Say '$1 and Other Valuable Consideration?' David Weil. Esq. June 11, 2010
30 Sep 2013 Clients for whom I am drafting or reviewing contracts frequently ask about the phrase: “NOW, THEREFORE, for and in consideration of Ten
If I offer to sell you my house valued at $1 million for $1, is that sufficient consideration and is a contract formed? What if I offer to sell you my car
16 Nov 2015 The phrase good and valuable consideration is a standard feature of recitals of consideration in business contracts. You know the drill: NOW
31 May 2006 The traditional recital of consideration is the consideration language under Canadian law contracts for nominal consideration, such as $1,
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