Consideration Definition, Examples, Types, In Contract Law

Damages – A monetary award in compensation for a financial loss, loss of or harm to private or real property, or an damage. Consideration is the benefit that every get together receives, or expects to obtain, when getting into into a contract. Consideration is usually Law news financial, but it may be a promise to perform a specific act, or a promise to chorus from doing something. In order for a contract or settlement to be legally binding, each get together to the contract should receive some sort of consideration.