#35 · 2026-09-10 · Legal term
Consideration
Each promise is sought in exchange for the other, supplying consideration. A bargained-for promise can suffice before performance, while a gratuitous promise generally lacks this basis for enforcement.
Rule to remember
Consideration is a bargained-for performance or return promise sought by the promisor in exchange for the promise and given by the promisee in exchange for it.
Key elements and checks
- A performance or return promise.
- A bargain connecting it to the promise sought to be enforced.
In the source’s words
“mutual exchange of promises or obligations”
Cornell Wex — Consideration
Past services and preexisting duties ordinarily do not supply a new bargain; exceptions and UCC modifications require separate analysis.