___________ is something of value given in exchange for a promise.

Consideration is a fundamental concept in contract law, referring to something of value that is exchanged between parties when forming a contract. It acts as the essential element that distinguishes a binding contract from a mere promise. For a contract to be enforceable, each party must provide consideration, which can be in the form of money, services, or goods. This exchange creates a mutual obligation, where each party is giving something up in return for the benefit they receive.

In contracts, consideration legitimizes the promise made by ensuring that there is a reciprocal exchange, thus fostering fairness and commitment. Without consideration, a promise may be deemed a gift and consequently lack enforceability under the law. The focus on "something of value" highlights the importance of tangible or intangible benefits exchanged, illustrating why consideration is an integral part of contract formation.

The other options do not capture this essential characteristic of contract law. Title refers to ownership or rights in property, restriction implies limitations rather than an exchange, and a will pertains to the disposition of a person's estate upon death, which is unrelated to the exchange of value in contract law.