What is defined as something given in exchange for a promise?

The concept of consideration is essential in contract law and refers to something of value that is exchanged between parties as part of an agreement. It can take the form of money, services, goods, or even a promise to refrain from doing something. Consideration is what separates a legally enforceable contract from a mere promise or gift; both parties must be providing something of value for the contract to be valid.

In the context of a contract, without consideration, there would be no binding agreement, as a promise made without an exchange lacks the necessary mutual benefit that underlies the contract. Therefore, the notion of consideration emphasizes the requirement that each party's contributions are crucial to the contract's enforceability.

The other options—agreement, mutual assent, and competent parties—are related concepts within contract law but do not address the specific nature of something given in exchange for a promise. Agreement pertains to the understanding between parties regarding the terms; mutual assent signifies the agreement and acceptance of those terms; and competent parties relate to the legal capacity to enter into contracts. However, none of these encapsulate the idea that something tangible or of value must be exchanged, which is defined specifically by consideration.