Our conclusion is that we will avoid considerations and other detailed introductory clauses in the contracts, unless we are informed by a foreign lawyer that they are necessary in the context of an individual transaction. For an agreement to be akin to a binding contract, several requirements must be asked: you might be able to tell yourself how the use of the phrase requires good and valuable consideration as a question of reasoning. That`s if you should be worried. b. the contract is entered into in accordance with the law of a U.S. state where recognition of receipt of the consideration is the result of a presumption that a consideration has been made. Their readers, who are not admitted to any of the United States, might be reconsidered reading the main case on the subject of the New York Court of Appeals review, written in 1917 by the great jurist Benjamin Cardozo: Wood v Duff-Gordon, at 222NY 88. („Duff-Gordon“ is Lucy, Lady Duff-Gordon). The case should be read for his literary style, but for no other reason. The case is in www.courts.state.ny.us/reporter/archives/wood_lucy.htm In Schron v. Troutman Saunders LLP, 2013 NY Slip Op 00952 (N.Y.
Feb. Feb. 24, 2013), the New York Court of Appeals decided that the term „other good and valuable consideration“ was not ambiguous within a contract and that it was therefore not possible to introduce extrinsic evidence (other than the contract itself) to explain the meaning of the sentence and demonstrate whether such reflection had been made. The Court of Appeals thus clarified that the common recital, that the examination includes „other good and valuable considerations“, does not allow a court to look beyond the four corners of a contract, since it is considered that such consideration is provided by the reciprocal commitments contained in this contract. Reflection means something valuable which, according to English law, should not be money and should not be „sufficient“, i.e. a market value. For example, both parties may agree, in the context of a two-way confidentiality agreement, to pass on information to the other party and, in this situation, it is easy to find a solution. When a party is concerned about whether a counterparty has moved from a party to the agreement, a common solution is to add to the agreement a nominal payment obligation, for example. B 1 or 10 USD.
Under English law, if the contract is executed as an act, no consideration is required. This previous message deals with the formalities of transforming an ordinary contract into an act. [I]t is not within the power of the draughtsman to transform something that cannot be taken into account by reciting that it is „considered“. In other words, in some U.S. states, where the review of contractual terms is not obvious, it is a little more difficult (but not impossible) to argue that no consideration has been taken into account if this text is included. „Lexology is a good barometer of a company`s expertise, as the articles show a company`s understanding of its related problems and current knowledge.