ABSTRACT
‘Consideration' is a technical concept that involves finding an element of mutuality, or exchange, in the agreement – each side must bring something to the bargain. Lord Dunedin was clearly of the view, therefore, that, as indicated by Pollock, a ‘promise for a promise' results in a binding agreement. As Atiyah has pointed out, however, the acceptance of a ‘promise' as valid consideration does not fit easily with the idea of benefit and detriment. Normally, a party enters into a contract with a view to obtaining the consideration provided by the other: for example, the buyer wants the goods and the seller the price. In the United States it has been said that this is essential, and that ‘Nothing is consideration that is not regarded as such by both parties'. The consideration must be something other than rendering services in the future.
