Practical Law ANZ Glossary w-018-1074 (Approx. 2 pages)
Glossary
Consideration
Payment, in any form, under a contract. Any value given at the counterparty's request can be good consideration, including any action, inaction or a promise. Consideration is one of the elements required to form a contract. A contract is generally only binding if the promise the subject of the contract is supported by consideration (Dunlop Pneumatic Tyre Co Ltd v Selfridge and Co Ltd [1915] AC 847).