What is consideration?

Ans Consideration is anything of value that is given in exchange for a promise. It can be money, goods, services, or any other type of valuable benefit. In order for consideration to be legally binding, it must meet the following requirements:

• For an agreement to be legally binding, it must be exchanged for something of value.
• The consideration must be sufficient but need not be adequate (i.e., the consideration does not have to be exactly equal in value).
• The consideration must be something that is of benefit to the party providing it.