Consideration (contract law)

Consideration is a concept of English common law under which a promise of something of value must be given in exchange for something of value for a simple contract, though not a special contract executed by deed, to be enforceable; the requirement has been adopted by other common law jurisdictions as one of roughly six or seven foundational elements of a contract. Following the court's formulation in Currie v Misa, consideration consists of a right, interest, profit, or benefit accruing to one party, or a forbearance, detriment, loss, or responsibility undertaken by the other, and it typically takes the form of goods, money, or performance. A forbearance to act, such as a promise to give up smoking, counts as consideration only where the person is thereby surrendering an actual legal right. This description is adapted from Wikipedia contributors under CC BY-SA 4.0; changes were made. https://creativecommons.org/licenses/by-sa/4.0/