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hi im going to go through consideration as part of contract law so consideration is one of the key elements to a legally binding contract you need a valid offer and acceptance you need intention from both parties to create legal relations and you need consideration so there are a few different definitions of consideration and quite basically its um a thing thats given in exchange for another thing as part of the contractual agreement so it could be um money it could be goods it could be services it could be a number of things um curry versus myself give this sort of traditional definition essentially it can be a sort of benefit obtained or a detriment that you give in exchange for something else so what we have is this really simple um principle one person promises to give the other something else vice versa and that creates a binding contract and that means that the two parties have something called privity which ill im going into more detail in a separate video but essentially