Doctrine of Consideration

The Doctrine of Consideration is a fundamental principle in contract law that requires something of value to be exchanged between parties for a contract to be legally binding. This "consideration" can be money, services, goods, or a promise to do something or refrain from doing something. Essentially, both parties must give and receive something; otherwise, the agreement may not be enforceable in court. This concept ensures that contracts are grounded in mutual exchange, reinforcing that both parties have a stake in the agreement.