Consideration 2

Definition of "Consideration"

  1. under contract law, anything of value exchanged for a promise or for performance that is needed to make an instrument binding on the contracting parties.
  2. adherence to all provisions of an insurance policy by an insured; for example, the insured agrees to make all premium payments when due in order to maintain a policy in full force.
  3. payment for an annuity.

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