As you’ve learned, consideration is one of the main elements of a contract. If nothing of value is exchanged, then the resulting agreement will typically not be enforceable. Today, you’ll be learning more about what constitutes consideration, as well as some of the more common situations in which consideration may not actually exist.

To start off our discussion, we’ll take a look at the definition of consideration and discuss when consideration actually exists. After that, we’ll focus on when...