What is Consideration? Something of value exchanged between parties. Can be money, services, goods, a promise, or forbearance (giving up a legal right). Requirements for Valid Consideration Must be bargained-for exchange Must have legal value (but doesn't need to be equal) Can't be past consideration (something already done) Can't be illusory (no real obligation) Examples of Consideration Payment for services, promise to deliver goods, agreement not to compete, promise to pay if service provided, mutual promises (bilateral contract). No Consideration Needed When Modifying contracts under UCC, promises under seal (in some states), promissory estoppel applies (detrimental reliance).