Stock Option Agreement Without Consideration Enforceable
Description
How to fill out Stock Option Agreement Between Corporation And Officer Or Key Employee?
How to locate certified legal documents that adhere to your state's regulations and draft the Stock Option Agreement Without Consideration that is enforceable without consulting an attorney.
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FAQ
In addition, an option contract requires consideration. If an option is not supported by consideration, it is considered an offer and not a contract. Consideration is generally defined as something of value.
The rule is that consideration must be sufficient but need not be adequate. What this means is that the law requires the parties to have entered into a bargain where each side has provided something of value that the courts can see.
Consideration must be something which the promisor is not already bound to do. A promise to do something what one is already bound to do, either by law, is not a good consideration., since it adds nothing to the previous existing legal consideration. Consideration need not be adequate.
Consideration is one of the most important parts of a contract because it states why each party is joining the agreement. Consideration can be the exchange of money for products or services, or it can be a trade of one type of product for another type of product.
Something bargained for and received by a promisor from a promisee. Common types of consideration include real or personal property, a return promise, some act, or a forbearance. Consideration or a valid substitute is required to have a contract.