Consideration

The basic idea of consideration inside contract is that before one party can acquire something, he must actually give something to the other party.

It is also one of the means by which the law courts decide if a particular contract is enforceable, or should be enforced.]

It is related with the Latin term quid pro quo that means “something for something”. Contract is valid only if there is a exchange of something between the parties to the contract. It assumes that one will obey the term of the contract if there is something benefit to him/her.

It adheres to the common sense idea of bargaining where one person trades something for another.

 Justice Patterson

“Consideration means something which is of some value in the eye of law; it may be some benefit to the plaintiff or some detriment to the defendant.”

Section 2(d) of NCA-2056 says 'Consideration' means the promise made to do or not to do any work in return of doing or not doing of any work mentioned in the proposal.

This section doesn’t give clear meaning about the consideration as it only focus on work, but in reality it could be object or any thing else that has value in the eye of law.

Types of Consideration

1. Past consideration
2. Present consideration
3. Future consideration
4. Positive consideration
5. Negative consideration
6. Direct consideration

Indirect consideration