Editorial
Consideration
Also: valuable consideration
Definition
Something of value given by each party to a contract, which induces the other to enter into the agreement. It may be a benefit to the promisor or a detriment to the promisee, but it must move from the promisee and need not be adequate — only sufficient in the eyes of the law.
You did not name a jurisdiction, so this shows the GB definition. The term is defined differently elsewhere — see below.
Usage
Civil law systems do not require consideration; a gratuitous promise may bind if properly made. Do not assume the doctrine travels.
Elsewhere
This term is defined differently in other systems.
Consideration US
A bargained-for exchange. Under the Restatement (Second) of Contracts § 71, a performance or return promise is bargained for if it is sought by the promisor in exchange for the promise and given by the promisee in exchange for that promise.