consideration
Consideration is something of value that is bargained for and mutually exchanged to bind a contract; it is also payment for an annuity.
Additional Information
Consideration is the benefit that each party receives or expects to receive when entering into a contract. Consideration is often monetary in nature, but it can be a promise to perform a specific act or a promise to refrain from doing something. In order for a contract or agreement to be legally binding, each party to the contract must receive some type of consideration.
