considerationconsideration: in contract law consideration is the term giv...: in contract law considerationconsideration: in contract law consideration is the term giv... is the term given to an item of value exchanged between the parties to a contract. For example, money passing from a buyer to a seller in exchange for an asset is the considerationconsideration: in contract law consideration is the term giv... for that asset. Considerationconsideration: in contract law consideration is the term giv... is essential to the formation of a legally binding contract. In order for the considerationconsideration: in contract law consideration is the term giv... to be valid it must: be something of value, sufficient (although not necessarily adequate), actually move from one party to the other and must not be something given in the past.