how do you think about this discussion? Write your own opinion about it Consideration is defined as "when, at the desire of the promisor, the promisee has done or abstained from doing, or does or abstains from doing, or promises to do or abstain from doing something." Consideration must be an act, abstinence, forbearance, or a returned promise (Seethadevi, Thirunavukkarasu, & Muthusamy, n.d.). The doctrine of consideration has been a well-established and carefully developed aspect of common law contracts for a long time. By the end of the sixteenth century, consideration had become a fundamental requirement for legal action (Benson, 2011).

While consideration is generally necessary for a contract to be enforceable, there are certain types of contracts where it is not required. Promissory estoppel is an equitable doctrine designed to prevent injustice when a promisor retracts their promise, and it serves as an exception to the need for consideration (Angsor & Adi, 2020).

The principle of private autonomy underlies ordinary contractual liability, which allows parties to have the legal power to alter their legal relations. This principle can apply to various transactions, including completed gifts, sales, or promises under seal (Benson, 2011).

Debt settlement is an agreement between a lender and a borrower, typically involving a large, one-time payment toward an existing balance. The remaining balance is usually forgiven. This approach is often used when a borrower is unable to keep up with unsecured debts (Clark, 2023).