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Kinds of Consideration

There are two kinds of consideration, valuable consideration and good consideration.  The term “valuable consideration” means that the grantor received something of value in return for his conveyance of the property, such as money or the satisfaction of a debt due by the grantor to the grantee. In addition, sufficient consideration for a deed may consist of marriage or a promise of marriage, a promise of support, or antecedent services.

“Good consideration” is consideration based upon love and affection toward one to whom a natural duty exists.  For example, consideration for a deed between near relatives by either consanguinity or affinity, or on a strong moral obligation supported either by some antecedent legal obligation, although unenforceable at the time, or by some present equitable duty.  Deeds granted in exchange for support are valid.  Similarly, support of a grandparent may constitute sufficient consideration for a deed.

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