In a legal context, consideration means - Leaving Cert Business - Question 5 - 2007

In legal terms, consideration refers to the requirement that for a contract to be valid, something of value must be exchanged between the parties involved. This means that one party must receive some form of advantage or benefit from the other party.

Typically, this takes the form of money, which is the most common and recognizable type of consideration. It is acknowledged as both real and legal, meaning that it is a tangible asset that has agreed-upon value. The presence of consideration is what distinguishes a legally binding contract from a mere promise.