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Meaning of consideration

When a party to an agreement promises to do something, he must get “something in return”. This “something in return” is defined as consideration. In Latin, consideration means ‘quid pro quo’ i.e. something in return.
Consideration is what a promisor demands as the price for his promise. In simple terms it is the benefit received by a party to the contract in return to the promise made by him. A promise made without consideration (except in some cases) is only a gratuitous promise which is not enforceable by law, since there is no legal obligation formed between the parties and therefore, in such cases one party gets something from the other without giving anything to the other. Hence an agreement without consideration is void and not enforceable by law.

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