In this episode of Mastering Contracts, we explore the critical concept of consideration—the exchange of value that forms the basis of most enforceable contracts. We’ll discuss the difference between past consideration and present commitments, and why past actions often don’t count as valid consideration in contract law. We’ll also break down key exceptions to the consideration requirement, including promissory estoppel, where promises may still be enforceable without a traditional exchange of value. Using examples from real cases, we’ll untangle this sometimes confusing but essential element of contract formation.