How is Adequate consideration defined in a legal contract?
- Adequate consideration means the personal property. Seen in 15 SEC filings
- Adequate consideration means the property was given as payment for genuine goods or services provided by the said person and the payment was at a rate that was customary for similar goods or services. Albeit it's kept vague as per the person resided during the time of transaction. Seen in 13 SEC filings
- Adequate consideration means the fair market value (FMV) of the property or services received, in exchange for transferred property, matches the FMV of the property transferred. Seen in 11 SEC filings
- Adequate consideration means the reasonable value of goods or services received in exchange for transferred property that matches the reasonable value of the transferred property. Seen in 11 SEC filings
- Adequate consideration means the property was given to the person. Seen in 4 SEC filings
- Adequate consideration means consideration equal, or reasonably proportioned to the value of that for which it is given. Seen in 5 SEC filings
Which definition should you use?
🤔 Our AI Legal Assistant has combined and improved the above descriptions to create market-standard 'Genie definitions' below, with guidance on which documents and which industry to use for each.
Genie Definition 1
- Adequate consideration means fair exchange of property or services at a customary or reasonable rate.
Relevant Contract Types
Relevant Circumstances
- Transactions involving the exchange of goods or services
- Contract negotiations where a clear value for services or goods is required
- Determination of fairness in a business deal
Relevant Sectors
Genie Definition 2
- Adequate consideration means exchanging possessions or services that match the market's fair value.
Relevant Contract Types
Relevant Circumstances
- Investments or sales of businesses
- Partnerships forming or dissolving
- Valuation of services or assets in a deal
Relevant Sectors
Genie Definition 3
- Adequate consideration means the personal property.
Relevant Contract Types
Relevant Circumstances
- Personal loans among family or friends
- Estate planning or inheritance arrangements
Relevant Sectors
Adequate consideration means fair exchange of property or services at a customary or reasonable rate
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