Consideration in English law

Consideration means something that is given or promised in exchange for something else. In English law, it refers to the benefit that each party receives as a result of making a contract.

For example, imagine you want to buy a toy from a store. The store won't give you the toy for free, but they will give it to you if you give them enough money. That money is your consideration. You're giving something (money) in exchange for something else (the toy).

Consideration is important in English law because it shows that each party has something to gain from making the contract. It also means that each party has taken some action or made some promise to do something in order to make the contract happen. Without consideration, a contract might not be valid or binding.

In summary, consideration means the benefit each party receives in exchange for making a contract, like giving money in exchange for a toy. It is important for showing that both parties have something to gain and have taken action to make the contract happen.