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Consideration is something of value that is exchanged between parties when making a contract or agreement. It can be money, property, or anything else that both parties agree has value. For example, if you buy a car from a dealership, the money you pay is the consideration for the car.
Here's another example: Let's say you want to rent a house from a landlord. You offer to pay the landlord $1,000 per month in exchange for living in the house. The $1,000 per month is the consideration in the agreement between you and the landlord.
"Wit & Whimsy with the Dumb Ox: Unlocking Knowledge with Rhyme:"
Oh, consideration is key,
When making a deal, you will see.
It can be money, or goods of worth,
Agreed by both sides, to have equal berth.
A car or a house, or a pile of gold,
Can all be considered, as you've been told.
So, before you sign on the dotted line,
Be sure the consideration is mighty fine!