ABSTRACT
Consideration is an essential element in every contract in English law. A person wishing to enforce a contractual promise must show that he or she has provided consideration for it, except one made by deed. The rights acquired under the contract are exchanged for the benefits given and an agreement, under which a person promises gratuitously a benefit to another, is a gift, not a contract, unless the promise of a gift is made by deed. A valuable consideration, in the sense of the law, may consist either in some right, interest, profit or benefit accruing to one party, or some forbearance, detriment, loss or responsibility given, suffered or undertaken by the other. Consideration, therefore, represents an exchange of benefits and burdens. In bilateral contracts, the consideration of both parties takes the form of a promise to do something in the future, whereas in a unilateral contract, the consideration of a person accepting a unilateral offer lies in performing the act specified rather than in making a promise. In order for consideration to be effective it must move from the promisee, a rule which is connected closely to the doctrine of privity (see Chapter 5). In addition, consideration must be sufficient, but it need not be adequate, and it must not amount to past consideration, although there are exceptions to this rule.
