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