7-3-22 Contract Agreement Aurelia Publishing INC.

What is Consideration in Contract Law?
The special word “consideration” in contract law refers to something that has value in the eyes of the law.

Consideration:

is an essential element to make a contract
must be provided for a contract to be legally binding.
In contract law, it is said that "consideration must move from the promisee".

Drawing out the subtlety of this statement:

If there is "a promisee", there must already be a promisor
The promisor has already made a promise to the promisee, which is sufficient to form a contract (but it's not formed at this point)
The promisee must give something back to the promisor - a promise
When the promisee promises to do something - gives consideration (and it doesn't have to be given to the promisor) - a legally binding contract is formed, provided the other elements have been satisfied

Types of Consideration
A promise - ie consideration - can be:

a promise to do something, such as to:
transfer ownership in property, such as intellectual property, a car or house
create an art work
develop software
grant a licence to intellectual property rights
pay money
a promise to refrain from doing something (known as a restrictive covenant):
not work with another employer of a particular description for a period of time after employment ceases.
not to build property over a specified height
not take ownership of shares in another business
a promise to pay money to the other contracting party, or to someone else
Consideration is classified as one of two types:

executed: when the promise has been performed within the meaning of the contract, or