Consideration
- Most would think of this as the requirement to be mindful of others especially living in a community extending from your housemates to the neighbours in nearby properties. Whilst this is increasingly important with the expansion of HMO communities displacing long term residents there is another meaning in relation to a contract:
- Money or value - e.g. we agree to a discount of rent during the summer vacation for new tenants yet to arrive in say September in consideration of your agreeing to us renting to holiday makers in your absence. Voila! Returning tenants still get the discount but do not have summer lets so their possessions can remain. Not all homes are discounted.
- See also Estoppel
- Consideration can be acts or ommisions in response to a promise and relied upon by the other to their detriment.
Published: 24 September 2015 Last Updated: 17 November 2021