vastikkeellisuus

Vastikkeellisuus is a Finnish term that translates to "consideration" in common law legal systems. It is a fundamental principle in contract law, requiring that for a contract to be legally binding, each party must give something of value to the other. This something of value is known as consideration.

Consideration can take many forms, such as a promise to perform an act, a promise to refrain from performing an act, or the transfer of goods or services. It does not need to be of equal economic value; the law is concerned with the presence of consideration, not its adequacy. However, it must be something that the law recognizes as having value. Past consideration, meaning something given before a promise is made, is generally not considered valid consideration.

The concept of vastikkeellisuus ensures that agreements are not merely gratuitous promises but are based on a bargained-for exchange. Without valid consideration, a contract may be unenforceable, as it would essentially be a gift that the promisor is not legally obligated to fulfill. In Finnish law, like in common law systems, vastikkeellisuus is a crucial element for establishing a valid and enforceable contract. It differentiates a legally binding agreement from a social promise or a one-sided undertaking.