What is contract consideration?

What will be an ideal response?

Consideration must be given before a contract can exist. Consideration is defined as something of legal value given in exchange for a promise. Consideration can come in many forms. The most common types consist of either a tangible payment, e.g., money, property, or the performance of an act, e.g., providing legal services. Less usual forms of consideration include the forbearance of a legal right, e.g., accepting an out-of-court settlement in exchange for dropping a lawsuit, and noneconomic forms of consideration, e.g., refraining from "drinking, using tobacco, swearing, or playing cards for a specified time period." Written contracts are presumed to be supported by consideration.