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In the formation of a valid and binding contract, something of worth or value that is either adetriment incurred by the person making the promise or a benefit received by the other person.
In contract law consideration is required as an inducement to enter into a contract that isenforceable in the courts. It is an essential element for the formation of a contract. Whatconstitutes sufficient consideration, however, has been the subject of continuing legal debate.Contracts and courts generally use the term valuable consideration to signify considerationsufficient to sustain an enforceable agreement.
In general, consideration consists of a promise to perform a desired act or a promise to refrainfrom doing an act that one is legally entitled to do. Thus, a person who seeks to enforce apromise must have paid or obligated herself to pay money, delivered goods, expended timeand labor, or forgone some other profitable activity or legal right. For example, in a contract forthe sale of goods the money paid is the valuable consideration for the vendor, and the propertysold is the consideration for the purchaser.
