Explain the need for consideration in contract law.

Consideration is essential for a contract to be valid. It is essentially what one party agrees to give the other. Both parties must provide some sort of consideration. It can take the form of a service, money, and goods. Say an individual (A) agrees to paint someone's house for a specific amount of money from the homeowner (B). A's consideration is painting the house. This is a service they are giving for the benefit of B. B's consideration is paying be a sum of money. The money clearly poses a benefit to A. In order to satisfy the requirement of consideration, both parties in the contract must benefit. If only one party benefits, then this would be considered a gift instead of a contractual exchange.