Consideration

Consideration, the price, motive, or matter of inducement of a contract lawful in itself. The consideration is the very life of a simple contract or parol agreement; while a speciality, or contract under seal, does not require a consideration to make it obligatory at law, the law always presuming a sufficient consideration, which the parties, except in special cases, are estopped from denying. The law not only requires a consideration in the case of a simple contract (under which term is included all contracts not under seal whether oral or written), but that it should be valuable, i.e. a legal consideration emanating from some injury or inconvenience to the one party, or from some benefit to the other party. A good consideration, i.e. an equitable consideration founded upon mere love, affection, or gratitude, will not support a contract. The consideration of blood or natural love and affection, though it is an apt as well as sufficient consideration in certain classes of conveyances, is not any consideration whatever in the case of a simple contract, and will not suffice to sustain a promise, and the same may be said of all past considerations of a merely moral nature binding on the feelings or conscience of the promiser, but not of any legal obligation on him. And further, if the consideration (or the promise founded upon it) is illegal, whether as being contrary to some particular provision of the law or as being contrary to its general policy, or if the consideration (or the promise founded upon it) is of an immoral character, the contract is utterly void and of no effect, but a promise or contract that is merely fraudulent would be voidable only unless by some express enactment it was made absolutely void. The consideration in all cases must move from the promissee.