Consideration in a contract typically means:

Consideration in a contract refers to something of value that is exchanged between the parties involved. It is a fundamental element of a legally enforceable contract, as it establishes that both parties are gaining something through their agreement. When both parties make mutual promises, each promise serves as consideration for the other. For instance, in a real estate transaction, the seller promises to transfer ownership of the property, while the buyer promises to pay a certain amount of money. This mutual exchange is what makes the contract binding and enforceable.

The other options do not encapsulate the essence of consideration as effectively. A legal document refers to the formal aspect of a contract but does not address the value exchanged between parties. An oral agreement may also lack consideration if there is no measurable exchange of value. Finally, a notarized contract emphasizes the signing and acknowledgment of the document, but again, does not touch on the core aspect of consideration being the mutual promises that ensure both parties have committed to the agreement.