The basic features of consideration are as follows:
- Consideration is a promise to do or to abstain from doing something.
- It is made as desire of the promisor.
- It can be given by the promisee or any other person on behalf.
- It can be the past, present or future.
- It may be more or less but must be resonable.
- It is something real of valuable from view point of law.
- It can not be illegal, immoral and against the public policy.
Types of Consideration
Consideration may be classified in to the following three types
- Past Consideration
- Present or Executed consideration
- Future or Executory consideration