ABSTRACT
Consideration is a requirement in contract laws of all common law systems, including the UK and the US. Consideration is the thing of value that forms the substance of the agreement itself. The rule of consideration requires that any contract, in order to be enforceable in law, has to have a benefit or detriment in it. Consideration can be found by a combination of the legal definition and the factual context–Ward v Byham and Chappel v Nestle both demonstrate that there is some subjective element to the idea of what is of value in a given situation. The important principle was that neither factually or as a legal principle was there anything that could be seen as 'of value' and therefore seen as consideration. One important exception to the requirement that all promises have to be supported by consideration comes in the form of estoppel.
