Legal Definitions - and other good and valuable consideration

Definition: And other good and valuable consideration. Consideration is something (such as an act, a forbearance, or a return promise) that is bargained for and received by a promisor from a promisee. It motivates a person to do something, especially to engage in a legal act. Consideration, or a substitute such as promissory estoppel, is necessary for an agreement to be enforceable.

Example: A company promises to pay an employee a bonus of $5,000 at the end of the year if the employee meets certain performance goals. The performance goals are the consideration for the promise of the bonus. If the employee meets the goals, they have provided consideration and the company must pay the bonus.

Explanation: In this example, the promise of the bonus is the offer, and the performance goals are the consideration. The employee must meet the goals to provide consideration and make the promise enforceable. The phrase "and other good and valuable consideration" is often included in contracts to indicate that there is additional consideration beyond what is explicitly stated in the contract.