Meaning and Definition:
Consideration is one of the essentials of valid contract. An agreement with out consideration is void. A consideration is what a promisor demands for his promise. An agreement is enforceable when both the parties take something and give some thing. The something given or taken is called consideration.
Poolock says, "The consideration is the price for which the promise of the other is bought and the promise thus given for value is enforceable."
Lush J defines, " A valuable consideration may consist of some right, interest, profit or benefit accruing to one party and some forbearance, detriment, loss or responsibility given, suffered or undertaken by other"
Justice Patterson defines, "The consideration means something which is of some value in the eye of law. It may be some benefit to the plaintiff or some detriment to the defendant."
Section 2(d) defines, "When at the desire of the promisor, the promisee or any other person has done or abstained from doing, or does or abstains from doing, or promises to do or abstain from doing something, such act or abstinence or promise is called a consideration for the promise.:
Examples:
a. A agrees to sell his house for Rs. 10 lac to B. For A the consideration is Rs.10 lac. For B consideration is house.
b. A promises to repair B's car and B promises to pay Rs. 1 lac. The promise of one party is the consideration for the other party.
c. A promises not to sue his debtor B and B promises to pay additional 1 Lac. The abstinence of A is the consideration for B's promise to pay.
d. A promises to paint a picture for B and B promises to teach him for a month. The promise of one party is the consideration for the other.