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Consideration under English law is anything of value (an item or service), which each party to a legally-binding contract must agree to exchange if the contract is to be valid. If only one party offers consideration then the agreement is not a contract.
Consideration in its traditional form in English law usually is expressed as the requirement that for parties to be able to enforce a promise, they must have given some quid pro quo for it: something must be given or promised in exchange or return for the promise.
At English law, a contract must be "met with" or "supported by" consideration to be enforceable; also, only a person who has provided consideration can enforce a contract. In other words, if an arrangement consist of a promise which is not supported by consideration, then the arrangement is not a legally enforceable contract. Mutual promises constitute consideration for each other. ("I promise you to do X, in consideration for which promise you promise me to do Y").
In Australia, the bargain theory of consideration prevails, where the act or forebearance of one party or promise thereof is the price for which a promise is bought.
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