Value within the context of law, particularly with respect to contracts, is a concept closely related, but not identical, to that of consideration. Consideration is a central concept in the Common law of Contracts and Contract theory: it is value paid for a promise
At common law, certain transferrable obligations were only enforceable if the transferee had acquired them for value. Common law refers to law and the corresponding legal system developed through decisions of courts and similar tribunals rather than through legislative statutes or executive Under the rules of equity, the rights of a bona fide purchaser for value would not be interfered with. Equity is the name given to the set of legal principles in jurisdictions following the English common law tradition which supplement strict rules of law where State courts of various jurisdictions in the US adopted varying definitions of what constituted "value". In the United States, a state court has Jurisdiction over disputes with some connection to a U
Under the Uniform Commercial Code, except with respect to Article 3, a person gives value for rights if he acquires them in exchange for:
- a binding commitment to extend credit or for the extension of immediately available credit;
- as security for or in total or partial satisfaction of a preexisting claim;
- accepting delivery pursuant to a preexisting contract for purchase;
- generally, any consideration sufficient to support a simple contract. The Uniform Commercial Code ( UCC or the Code is one of a number of uniform acts that have been promulgated in conjunction with efforts to harmonize the law of
Under Article 3 of the Code, a negotiable instrument is transferred for value if the transferee receives in exchange:
- a promise of performance, to the extent the promise has been performed;
- a security interest or other lien in the instrument other than a lien obtained by judicial proceeding;
- the total or partial discharge of an antecedent claim against any person, whether the claim is due;
- another negotiable instrument; or
- an irrevocable obligation to a third party by the person taking the instrument. A negotiable instrument is a specialized type of " Contract " for the payment of money that is unconditional and capable of transfer by negotiation
The setting forth in express terms of what is "value" in the context of commercial transactions was a bold step forward by the drafters of the UCC, since the jurisdictional distinctions as to value made certain transactions valid in one state and invalid in another.
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