Consideration is a concept of English common law and is a necessity for simple contracts but not for special contracts. The concept has been adopted by other common law jurisdictions.

What do you mean by consideration?

1 : careful thought : deliberation Give my idea some serious consideration. 2 : thoughtfulness for other people. 3 : something that needs to be thought over carefully before deciding or acting. 4 : a payment made in return for something.

What is the definition of consideration in contract law?

Something bargained for and received by a promisor from a promisee. Common types of consideration include real or personal property, a return promise, some act, or a forbearance. Consideration or a valid substitute is required to have a contract. business law. contracts.