Define consideration.

Consideration is the inducement for a promise or performance. It is the primary basis for the enforcement of promises in our legal system. Consideration, or that which is exchanged for a promise, is present only when the parties intend an exchange. The consideration exchanged for the promise may be an act, a forbearance to act, or a promise to do either of these. The two basic elements of consideration are legal sufficiency and a bargained-for exchange, both of which must be present to satisfy the requirement of consideration.