What is consideration in a contract?

Consideration is a legal concept that is important in contract law. It is a bargained-for exchange of something of value. Consideration is one of the elements necessary for a valid contract and is also referred to as “mutuality of obligation.” In contract law, consideration must be given in exchange for a promise or performance. In Delaware, this means the parties must get something of value in exchange for something else of value. Consideration can take many different forms, such as money, goods, services, or a promise to do something. A contract is valid if the consideration is legally sufficient. Generally, for consideration to be legally sufficient it must have a value, be measurable, and be bargained for. In Delaware, consideration is an essential part of forming a legally binding contract. Without consideration, a contract is unenforceable and can be set aside by a court. Consideration is the main requirement for a contract to be legally recognized and enforced in a court of law.

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What is consideration in a contract?

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