So I decided to revisit, after a long absence, the meaning of good and valuable consideration. Well, I had to dig deep. The first place I found it was in Google Books, which offered me an edition of the English treatise Chitty on Contracts with a more long-winded title.
We may premise, that considerations, as they relate to deeds , are in general divided into good and valuable considerations. A valuable consideration is such as money, marriage p , or the like, which the law esteems an equivalent given for the grant; and is therefore founded in motives of justice. We must, however, observe, that the term good consideration, as thus applied to deeds, does not hold in relation to simple contracts, to support which relationship, natural love and affection will not be a sufficient consideration g.
Code Ann. But the only reason I care about it is that I still see good and valuable consideration constantly in contracts, and it makes no sense. Using the phrase good and valuable consideration is doubly stupid.
This from Farnsworth on Contracts 3d ed. And second, what was true in still holds true: the distinction between good consideration and valuable consideration is irrelevant for purposes of regular contracts, in other words contracts other than deeds and other formal contracts.
If buy widgets from Jones in exchange for my undying affection, that transaction will be void for lack of consideration. That good and valuable consideration is still a fixture in business contracts is a damning indictment of traditional contract drafting. If you ask someone to draft a contract and what they prepare uses the phrase good and valuable consideration , ask them what it means.
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