Consideration, defined in Section 2(d), is something of value given by one party to another in exchange for their promise/act. Every contract requires consideration (except gratuitous contracts and deeds). Key principles: (1) Consideration must have value in law (not necessarily monetary); (2) Consideration must move from promisee; (3) Consideration may be past, present, or future; (4) Consideration need not be adequate but must be real. Types: Executory (future performance), Executed (past performance), Valuable (tangible/intangible worth). What constitutes consideration: Money, goods, services, forbearance (not doing something), marriage promise. Past consideration generally insufficient unless parties agreed it was consideration. Case law: Carlill v. Carbolic establishes consideration must be real. Inadequacy of consideration: Courts generally don't examine whether consideration is fair, only whether it exists. For accountants, engagement fees represent consideration; clients' undertaking to provide access is consideration from their side. Exam tip: Identify what each party gives; show it has value in law; apply exceptions only when explicitly stated.