structural:expansion, structural:scholar_edition, information:classification, linguistic:voice_change
Consideration

In contract law, consideration refers to something of value which is given in exchange for the fulfilment of a promise. In Dunlop v. Selfridge, Lord Dunedin described consideration "the price for which the promise of the other is bought". Consideration can take multiple forms and includes both benefits to the promisor and detriments to the promisee. Forbearance to act, for example, can constitute valid consideration, but only if a legal right is surrendered in the process. Common law jurisdictions require consideration for a simple contract to be binding, but allow contracts by deed to not require consideration. Similarly, under the Uniform Commercial Code, firm offers in most American jurisdictions are valid without consideration if signed by the offeror.