What is meant by "consideration" in a legal contract?

In the context of a legal contract, "consideration" refers to the exchange of value that is essential for a contract to be enforceable. It represents something of value that each party agrees to give or perform for the other. This could be money, services, goods, or a promise to refrain from an action. The presence of consideration is crucial because it demonstrates that both parties have a stake in the agreement, thereby establishing a mutual obligation. Without consideration, a contract may lack the necessary binding force, leading it to be unenforceable in a court of law.

The other concepts mentioned, such as motives behind a contract, the written form of a contract, and the duration of its validity, do not directly pertain to the definition of consideration. While they may be important aspects of a contract, they do not capture the fundamental principle of mutual exchange that is central to what consideration entails.