What can consideration in a contract include?

Consideration in a contract refers to something of value that is exchanged between the parties involved. This can encompass a wide range of elements, and one of the primary forms is the exchange of promises. In a contract, when one party agrees to do something or refrain from doing something, and the other party reciprocates with a promise of their own, this mutual exchange constitutes consideration.

This aspect is fundamental to contract law, as it ensures that both parties have a vested interest in fulfilling their respective obligations. While consideration can indeed include money, property titles, and negotiated fees, these are specific types of consideration that may fall under the broader category of promises or agreements. The essence of a valid contract hinges on the establishment of consideration through mutual promises rather than being limited to just monetary aspects or other singular forms of value.