What must a contract contain to demonstrate consideration?

To demonstrate consideration in a contract, there must be an exchange of promises between the parties involved. Consideration refers to something of value that is exchanged for the promises made in a contract. This could take the form of money, services, goods, or a commitment to do (or not do) something. The essence of consideration is that each party must provide something that contributes to the contract's purpose, thereby making the agreement enforceable under the law.

While verbal agreements can signify intent, they do not necessarily constitute consideration unless there is an exchange of promises or obligations. A written format, while it can help in enforcing contracts, is not a requisite for consideration itself; many valid contracts exist that are verbal or implied. Notarization, likewise, is not required to demonstrate consideration. The core element to focus on is that an exchange of promises establishes the foundation for consideration, making it a crucial component of any contract.