do you agree with this discussion? How do you think about it? Every contract needs 'consideration'. Consideration is a fundamental element of a contract where each party agrees in exchange for something of value, and vice versa. It can be some kind of goods, services or performance. To make a binding contract, consideration should be enforceable (Legal Information Institute, 2022). Enforceable consideration means it should be executed, fair, and legal.

Contracts do not require considerations only when it has a substitute. Substitutes are promissory estoppel(Detrimental reliance) or good faith modification. Promissory estoppel(Detrimental reliance) is a situation when one party relies on a promise to their detriment and the court may enforce it without consideration in order to avoid injustice. For example, an employer promises an employee a promotion or a bonus, the employee may claim for them if the employer does not do as promised. Good faith modification is a modification to an existing contract for the sale of goods and the modifications are made in observance of commercial code. An example can be the changes to the cost of goods between buyer and seller due to a fluctuation of supply chain. This allows flexibility and fairness in commercial contracts.

Contracts without consideration are rare even if there are these exceptions.