The second element of a valid contract is consideration, which consists of all of the following except.

Something of legally sufficient value.

A Bargained$-$for exchange.

Meeting of the minds.

Preexisting Duty

The value given in return for a promise or performance in a contractual agreement.

A performance or return promise that is bargained for.

A performance or return promise that is bargained for because it is sought by the promisor in exchange for his promise and is given by the promisee in exchange for that promise.