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Consideration
Consideration is the legal term for what each side gives up or promises to give up in a contract, like money, a service, or even a promise not to do something.
What it actually is
Consideration is the bargained-for exchange that makes a promise legally enforceable. In a court case, a party must show that both sides provided something of value (or a promise to do or not do something) to prove a valid contract exists. It appears in breach-of-contract claims where the court examines whether each side actually gave or promised something in return.
Why it matters in your case
If you are sued for breaking a contract, the other side must prove that you received something in exchange for your promise; without consideration, the agreement may be unenforceable. Conversely, if you sue someone, you must show that you gave something of value (or a promise) to support your claim.
The common misunderstanding
Many people think a written promise alone is binding, but without consideration, something given in exchange, a promise is generally not a contract. Also, consideration does not have to be fair or equal; even a small amount or a trivial act can count.
Get the actual rule
Definitions are orientation; rules are authority
This page explains the concept. When it matters to your case, read the rule that governs it in your court, we hold court rules for 28 states and the federal courts word for word, and every state's official resources are on the state pages. If someone cites a case at you, check that it exists first.
Related
Terms that travel with this one
General explanation, not legal advice, and not specific to any state, procedures and deadlines vary by jurisdiction and court. If you can get a lawyer or free legal aid, do: every real option.