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you are here: > Canonum De Ius Positivum
> Article 114
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IV. Consensus |
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| 4.2 Consensus Consideration | ||
| Article 114-Consideration | ||
| Canon 2201 | ||
| Consideration is the Offer of something possessing value given as incentive or recompense for a previous promise which then causes the promise to become binding as a Consensus if accepted. | ||
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| Canon 2202 | ||
| Under Unilateral Consensus, the provision of new and Fair Consideration through an Offer consistent with the previous Terms of the contract represents a legitimate revision to the Unilateral Consensus Instrument, unless formally and expressly challenged by one or more valid points of law consistent with these Canons. | ||
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| Canon 2203 | ||
| A Party that is unable to meet their obligations as per a Consensus has the fundamental right to offer Fair Consideration in exchange for amendment to their performance obligations, regardless if a Consensus Instrument claims such rights are prohibited. | ||
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| Canon 2204 | ||
| A Party that is unable to meet their obligations as per a Consensus and fails to offer Fair Consideration in exchange for amendment to their performance obligations may be declared delinquent and therefore cede any rights of Remedy. | ||
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| Canon 2205 | ||
| Where a long term tenant of three years or more is unable to meet their obligations as per a Consensus and fails to offer Fair Consideration in exchange for amendment to their performance obligations, the tenant may be declared delinquent and forfeit their Right of Redemption, also known as Equity of Redemption. | ||
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| Canon 2206 | ||
| Where a party under a Consensus makes in good faith gives proper notice of an offer of Fair Consideration in exchange for amendment to their performance obligations to the other party and the receiving party fails to reject such Fair Consideration in reasonable time, the Consensus shall be regarded as duly amended. | ||
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| Canon 2207 | ||
| Consistent with the statutes of a valid juridic person in accordance with these Canons, a validly amended Consensus through Fair Consideration may not be recognized unless properly recorded and acknowledged. | ||
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