Consideration is a legal concept which means anything of value given to induce someone into entering a contract. Typically, consideration is the money exchanged by the parties, but it may be other consideration of value, such as other property in exchange, personal services, or even love and affection.
Legally, a consideration is one of the elements of a valid contract which simply means what a party gives in return for what he gains in such a contract.


For instance, A sells his wristwatch to B for $5, 000. In this instance, both A and B have given consideration. A's consideration is the watch which he gives up while B's consideration is the money which he pays. So consideration connotes gain and loss.
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NEARBY WORDS

Consent Consent judgment Consideration Conspicuous Conspiracy