North Dakota Code 1-01-20 – Valuable consideration – Definition
Current as of: 2023 | Check for updates
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A valuable consideration means a thing of value parted with, or a new obligation assumed at the time of obtaining a thing, which is a substantial compensation for that which is obtained thereby. It also is called simply “value”.
Terms Used In North Dakota Code 1-01-20
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.