A consideration bearing no relation to the real value of a contract, used to avoid revealing the true value of the property conveyed. Consideration in name only, with no relation to actual market value.
Related information about nominal consideration:
- Nominal consideration - Legal Dictionary - The Free Dictionary
Something of value given by both parties to a contract that induces them to enter into the agreement to exchange mutual performances. Consideration is an ...
- Nominal consideration - Financial Dictionary - The Free Dictionary
A token payment or promise given in exchange for something else of greater value. Courts will usually not “look behind the value of consideration,”and even a ...
- Consideration - Wikipedia, the free encyclopedia
However, some courts in the United States may take issue with nominal consideration, or consideration with virtually no value. Some courts have since thought ...
- What is nominal consideration? definition and meaning
Definition of nominal consideration: Some benefit that bears little or no relation to the real value of an agreement, contract, job, or position.
- LexisNexis Contracts Capsule Summary - Chapter 5
If nominal consideration is given as a mere formality in order to create a binding contract rather than as a bargained exchange, the consideration is insufficient.
- nominal consideration (law) -- Britannica Online Encyclopedia
Nominal consideration is a subtle and ingenious formality. Its essence is the introduction of a contrived element of exchange into the transaction. Thus A ...
- Nominal Consideration
A consideration bearing no relation to the real value of a contract used so as not to reveal the true value of the property being conveyed; in name only, and not ...
- Concurring Opinions » Nominal Consideration at the Olympics
Jul 30, 2012 ... If true, I take it that British law takes the position that nominal consideration can bind obligees, but that “false” nominal consideration can't. Thus ...