Why Do Contracts in Law Require Consideration? [No. 86]

What is “consideration” and why is it important for legal contracts? Professor Seth Oranburg explains that the purpose of contracts is to maximize societal welfare. In order to do that, contracts need to be premised on parties exchanging goods for value, which is the element of consideration.

Seth Oranburg is Associate Professor of Law at Duquesne University School of Law.

As always, the Federalist Society takes no position on particular legal or public policy issues; all expressions of opinion are those of the speaker.

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[queefnutts]

if your goal was to at least reach, teach one person . mission accomplished .

[kolehollis]

So does the trade-off have to be of equal value or can you have a contract where you pay $1 for a car?

[GrubenM]

Unless of course I needed that pencil for my LSAT, and now I don’t have one :/