What is Consideration in Contract Law?

-Anything of value that the promisor asks for in return for his promise is consideration. Free promises are not enforceable.

-Example: You go to a shop to buy a phone. When you go to the shop, there are many phones on the shelves and that is an invitation to treat. Then, you choose one and make an offer to buy it. They accept your offer and charge you. The amount you pay for the phone would be the consideration.

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[Vikermajit]

...the give-get...to get something of value, we need to give something in consideration of the deal...