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MEMORANDUM OF CONSIDERATION IN THE CASE OF:BOARD DATE: 30 June 1999DOCKET NUMBER: AR1999022701I certify that hereinafter is recorded the record of consideration of the Army Board for Correction of
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The doctrine of consideration in contract law refers to the requirement that both parties must give something of value in exchange for a promise.
The parties involved in a contract are required to understand and acknowledge the doctrine of consideration.
The doctrine of consideration is not a form that needs to be filled out. It is a legal concept that must be understood and demonstrated in contracts.
The purpose of the doctrine of consideration is to ensure that contracts are legally binding by requiring mutual exchange of value between the parties.
The information that must be included in a contract to demonstrate consideration includes details of the exchange of value between parties.
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