adequate consideration


adequate consideration
adequate consideration see consideration

Merriam-Webster’s Dictionary of Law. . 1996.

adequate consideration
USA
As applies to employee benefit plans:
• In the case of a security for which there is a generally recognized market:
o the price of the security prevailing on a national stock exchange, if the security is traded on a national stock exchange; or
o a price that is no less favorable to the plan than the offering price for the security determined by the current bid and asked prices quoted by independent persons, if the security is not traded on a national stock exchange.
• In the case of all other assets, the fair market value of the asset determined in good faith by the plan trustee or a named fiduciary in accordance with the plan and the Employee Retirement Income Security Act of 1974 (ERISA).
(ERISA § 3(18).)

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

Look at other dictionaries:

  • adequate consideration — Such as is equal, or reasonably proportioned, to the value of that for which it is given. That which is not so disproportionate as to shock our sense of that morality and fair dealing which should always characterize transactions between man and… …   Black's law dictionary

  • adequate consideration — Such as is equal, or reasonably proportioned, to the value of that for which it is given. That which is not so disproportionate as to shock our sense of that morality and fair dealing which should always characterize transactions between man and… …   Black's law dictionary

  • adequate consideration — A fair and reasonable price for the subject matter of the contract; a consideration not so greatly disproportionate to the value as to offend against fair business dealing. Anno: 65 ALR 85 …   Ballentine's law dictionary

  • adequate consideration — sufficient recompense …   English contemporary dictionary

  • consideration — con·sid·er·a·tion n: something (as an act or forbearance or the promise thereof) done or given by one party for the act or promise of another see also contract compare motive ◇ Except in Louisiana, consideration is a necessary element to the… …   Law dictionary

  • adequate — ad·e·quate adj: lawfully and reasonably sufficient adequate grounds for a lawsuit Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. adequate …   Law dictionary

  • consideration — The inducement to a contract. The cause, motive, price, or impelling influence which induces a contracting party to enter into a contract. The reason or material cause of a contract. Some right, interest, profit or benefit accruing to one party,… …   Black's law dictionary

  • consideration — The inducement to a contract. The cause, motive, price, or impelling influence which induces a contracting party to enter into a contract. The reason or material cause of a contract. Some right, interest, profit or benefit accruing to one party,… …   Black's law dictionary

  • adequate — Sufficient; commensurate; equally efficient; equal to what is required; suitable to the case or occasion; satisfactory. Equal to some given occasion or work. Nissen v. Miller, 44 N.M. 487, 105 P.2d 324, 326 See also adequate care adequate cause… …   Black's law dictionary

  • adequate — Sufficient; commensurate; equally efficient; equal to what is required; suitable to the case or occasion; satisfactory. Equal to some given occasion or work. Nissen v. Miller, 44 N.M. 487, 105 P.2d 324, 326 See also adequate care adequate cause… …   Black's law dictionary