For example, consider you are building a house, and you engage a bricklayer's services.
You might provide consideration in the form of $100 an hour and expect the bricklayer to provide their services in exchange.
This monetary consideration makes the contract legally binding..
What is consideration in contract law? 'Consideration' is the price given in exchange for goods or services under a contract, or a promise to do (or not to do) something in return.
The price is usually money – but can be anything that has value..
Consideration is a legal term that refers to why someone does or does not do something, it can be used as an incentive for someone to keep up an agreement.
It can also be used to show someone that you want a good relationship with them..
Consideration is one of the six elements that make up a legally enforceable contract.
It is something of value given in exchange for something else of value.
A common example of consideration is money given in exchange for goods or services..
In a unilateral contract, an agreement by which one party makes a promise in exchange for the other's performance, the performance is consideration for the promise, while the promise is consideration for the performance
Consideration must have a value that can be objectively determined
