Consideration is a legal concept that refers to the exchange of something of value in a contract or agreement. It is one of the essential elements of a valid contract, along with offer, acceptance, and mutual assent. Consideration can take many forms, such as money, goods, services, or a promise to do or not do something.
In the context of contract law, consideration is typically thought of as moving from the promisor to the promisee. This means that the person making the promise (the promisor) is offering something of value to the person to whom the promise is made (the promisee). For example, if a person promises to paint someone's house in exchange for $500, the consideration is moving from the promisor (the person painting the house) to the promisee (the person paying $500).
However, consideration does not always have to move from the promisor to the promisee. It can also move from the promisee to the promisor. This is known as "consideration moving from the promisee."
One common example of consideration moving from the promisee is in the context of a contract for the sale of goods. When a person buys a product from a store, they are typically agreeing to pay a certain amount of money in exchange for the product. In this case, the consideration is moving from the promisee (the buyer) to the promisor (the seller).
Another example of consideration moving from the promisee is when a person agrees to work for a certain amount of money. In this case, the employee is offering their labor as consideration in exchange for a salary or wages.
There are a few important considerations to keep in mind when it comes to the concept of consideration moving from the promisee. First, the consideration must be something of value. This means that it must be something that the promisor is willing to accept in exchange for their promise. Second, the consideration must be bargained for. This means that it must be the result of a negotiated agreement between the promisor and promisee. Finally, the consideration must be legal and not against public policy.
In conclusion, consideration is a crucial element of a valid contract and can take many forms. While it is often thought of as moving from the promisor to the promisee, it can also move from the promisee to the promisor. It is important to consider the value, legality, and negotiated nature of the consideration when entering into any agreement or contract.