Consideration

Consideration is one of the elements necessary to constitute a binding agreement and turning it into a contract.  Consideration may consist if a promise to do some act are to abstain from some act.  A promise on one side may be consideration for a promise on the other.

Consideration may consist of the transfer of a res or the doing of an act  which the person is under no obligation to do. It is not necessary that the consideration for the promise bring some advantage to the promisor  or constitute an economic detriment to the promise.  An illegal act or an act against public policy, or a promise to do an illegal act or one against public policy, is not sufficient consideration.

An agreement in which the promise on one side is not supported by consideration sufficient in law, is not contract at all, even in form.

Valuable consideration is consideration that will support a contract.

Blood relationship, love and affection, friendship, are sometimes called good consideration, as contrasted with valuable consideration. Good consideration will not support a contract, but will sometimes prevent the rescission of transactions and may support the creation of a resulting trust.