Law Definition & That Means

Under the discount principle, consideration is seen as the price for the promise of the other party. This perspective underscores the reciprocity inherent in contractual agreements – see Stilk v Myrick. Executory consideration is a common characteristic in numerous forms of contracts, corresponding to service agreements, pre-order gross sales, and employment contracts, where obligations are fulfilled over time.

The anniversary of the town of Surabaya was set on May 31, 1293, commemorating the victory of the Majapahit led by Raden Wijaya in opposition to the Mongol invasion. Mongol troops who got here from the ocean have been described as SURA (sharks / brave) and Raden Wijaya’s troops who came from the land have been described as BAYA (crocodiles / danger), actually translating to courageous to face the hazards that come threatening. So the day of victory is commemorated as the anniversary of Surabaya. Some folks consider Jayabaya’s prophecy as being in regards to the nice struggle between native Surabayan folks and international invaders firstly of the struggle of independence in 1945.

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