The consideration clause is an attempt to clearly verbalize or express that the consideration aspect is present in the contract and anyone reviewing the contract can see what it is. In some cases, the consideration in the contract can be deferred.
It's consideration which has been provided in the past, and not at the time of formation of the contract. For example, a buyer of goods who paid £10 in the past. It is not good consideration for supply of new goods, so as to form a new contract. 2. Existing Obligation or Duty:
The exchange of consideration creates a benefit and a burden for each party entering into a contract. The consideration which is the benefit of the contract for one party (say, receiving money) is the burden of the other (say, paying money). Without consideration being given by each party to the contract, the contract can't be legally binding.