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  2. Rules of consideration in contract law include12:
    1. The contract must include a bargain for the terms of the exchange.
    2. There must be a mutual exchange between the parties.
    3. The exchange in the contract must be something of value.
    4. Past consideration is not valid.
    5. The consideration must be sufficient but need not be adequate.
    6. The consideration must move from the promisee.
    7. Existing public duty or existing contractual duty will not amount to valid consideration.
    8. Part payment of a debt is not valid consideration for a promise to forego the balance.
    Learn more:

    The required elements of consideration include:

    • The contract must include a bargain for the terms of the exchange. This means there must be something that is worth bargaining over to both the parties.
    legaldictionary.net/consideration/

    There are various rules governing the law of consideration:

    • 1. The consideration must not be past.
    • 2. The consideration must be sufficient but need not be adequate.
    www.e-lawresources.co.uk/Consideration.php
     
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