The Legal Definition of "Contract Consideration" in Florida

Definition

• According to "Black's Law Dictionary," consideration in a contract is a bargained for exchange of acts or forbearance of an act. In Florida specifically, consideration exists when there is a benefit to the person making the promise or a legal detriment to the person accepting the promise inherent in the contract.
  
  

Modification of Contract for Services

• In common law as adopted by Florida, contracts for services may only be modified with additional consideration.
  
  

Modification of Contract for Goods

• The Uniform Commercial Code (UCC), as adopted by Florida, governs contracts for the sale of goods. Modification under the UCC need not be accompanied by consideration but must be made in good-faith. According to Florida Law, good faith means honest and fair dealings.