2.  Is an essential element of a valid contract. An agreement without consideration is a bare promise and is not binding on the parties.

3.  According to Section 2(d) of the Indian Contract Act,  When at the desire of the promisor, the promisee or any other person has done or abstained from doing or does or abstain from doing or promise to do or to abstain from doing something, such act or abstinence, or promise is called consideration for the promise

4.  Consideration, May be described as something accepted or agreed upon as a return, or equivalent for the promise made.

5.  Consideration should be furnished at the desire of the promisor: The first essential element in the definition of ‘consideration’ is that  the act or forbearance of the promisee or any other person must be done at the desire or request of the promisor

6.  Consideration may move from the promisee or any other person: It is not necessary that consideration should proceed only from the promisee  Cosideration furnished by a third party will also be valid if it has been done at the desire of the promisor. This is termed as ‘Doctrine of Constructivre Consideration’.

7.  Consideration may be a promise to do something or abstain from doing something:  Consideration may be either negative or positive i.e. an act to do or not to do something

8.  Consideration may be past, present or future:  Where the promisor has received consideration before the date of the promise, the consideration is termed as past consideration.

9.  Consideration may be past, present or future:  Where the promisor has received consideration simultaneously with his promise, the consideration is termed as present consideration.

10.  Consideration may be past, present or future:  Where the promisor has received consideration in future for his promise, the consideration is termed as future consideration.

11.  There must be an independent consideration to support each independent promise:  A single consideration cannot support two agreement between the same parties unless one of the agreement is a gratuitous promise  There must be an many considerations as the number of contracts.

12.  There must be an independent consideration to support each independent promise:  Each agreement in order to be binding must be supported by an independent consideration of its own.  It is immaterial that the contract in between the same parties.

13.  Consideration must be real and not  illusory,  illegal,  impossible,  uncertain,  ambiguous,  fraudulent,  immoral or  opposed to public policy

14.  Consideration must be valuable in the eyes of law:  It must be capable of being valued in terms of money or money worth. It must result in gain to one and loss to other

15.  Contract with consideration are void:  According to Salmond and Winfield:  A promise without consideration is a gift; one made for a consideration is a bargain’

16.  Following circumstances a contract without consideration will be perfectlyt valid:  A promise made on account of natural love and affection.  Promise to compensate for voluntary services.  Promise to pay a time-barred debt.

17.  According to Indian Contract Act, consideration for an agreement may proceed from a third party, but the third party cannot sue on the agreement  Person, who is a party to the contract, alone can enforce the legal rights arising there from.