Consideration

Consideration in contract law refers to the exchange of value that forms the basis of a contractual agreement. For a contract to be enforceable, each party must provide something of value, whether it be a tangible item, a service, a promise, or the forbearance of a right. Learn more about consideration in this article.

Learning Objectives

After reading this chapter, you should understand the following:

What "consideration" is in contract law, what it is not, and what purposes it serves
How the sufficiency of consideration is determined
In what common situations an understanding of consideration is important
What promises are enforceable without consideration

This text was adapted by Saylor Academy under a Creative Commons Attribution-NonCommercial-ShareAlike 3.0 License without attribution as requested by the work's original creator or licensor.

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