Define consideration and discuss the essential elements of consideration?

Question: Define consideration and discuss the essential elements of consideration?

Consideration is a concept in contract law that refers to something of value given or promised by each party in exchange for the agreement. It is based on the idea of a bargained-for exchange, where both parties benefit or suffer a loss or obligation. Consideration is a requirement for simple contracts, but not for special contracts by deed.

The essential elements of consideration are:

- The contract must include a bargain for the terms of the exchange. This means there must be something that is worth bargaining over to both parties.

- The consideration must be sufficient but need not be adequate. This means that the consideration must have some legal value, but it does not have to be equal to the value of the other party's promise.

- The consideration must not be past. This means that the consideration must be given or performed at the time of making the contract or in the future, but not before.

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