Form or consideration – Warehouse for rent in Singapore
Consideration is what one party does or agrees to do in return for the other’s promise. Consideration is not restricted to money; it can be a promise to do or forbear from doing something. However, for real estate transactions, consideration must be money. In real estate transactions, a vendor promises to deliver his property to a purchaser on a particular day, in consideration of the amount of money, which the purchaser agrees to pay to the vendor. Warehouse for rent in Singapore. A contract which is “made under seal” is called a deed which is different from other written contracts (which are “made under hand”). A deed is widely recognized by courts in common law jurisdictions as removing the need for consideration of value in a contract. Under the classical contract theory, consideration is viewed as a formal aspect of a contract, so a deed can be considered an alternative form especially when no consideration of value is involved.
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