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English definition of “consideration”

consideration

noun     /kənˌsɪdərˈeɪʃən/
[C or U] LAW in a contract , something with financial value that is given in exchange for something else , for example , a bank loan that is made in exchange for the borrower's promise to repay it: From the wording of the agreement it was clear that the initial payment was part of the consideration. A lack of consideration is one reason why a promise to do something may not be recognized as legally binding by a court of law .
[C] formal an amount of money as payment for a service : He agreed to do the job for a small consideration.
(Definition of consideration noun from the Cambridge Business English Dictionary © Cambridge University Press)
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