Consideration should contain payment of money, some act, abstinence or promise. For a consideration to be valid there must be a promise from both sides. This means that there must be a promise by one party against the promise of the other party.

What are the 3 requirements of consideration?

Each party must make a promise, perform an act, or forbear (refrain from doing something).

What are 3 invalid reasons for consideration of a contract?

When one party is already legally bound to perform, When consideration is more like a gift, When consideration is made as a result of a past event, or. When consideration is based on an illusory promise.