Consideration. Offer nd acceptance are required for an agreement which can lead to a binding contract. Having an agreement is necessary, but, it is not sufficient to create a legally binding and enforceable contract. English courts have developed tests to assess the enforceability of agreements. The main test is the requirement for consideration. Consideration is the idea of exchange or bargain is the essence of a contract. Each party pays a price for whatever is obtained from the party. that price is consideration. Currie v misa (1875); A valuable consideration, in the sense of the law, may consist either in some right, interest, profit or benefit accruing to one party or some forbearance , detriment, loss or responsibility , given ,suffered or undertaken by the other. Where the promise has been performed, the contract ( or the consideration) is said to be executed, where the promise is yet to be performed the contract is executory. Consideration must be sufficient though it need not be adequate. Chappell v nestle (1960). White v bluet (1853) ward v byham (1956) Hamer v Sidway (1881). Past consideration is no consideration re McArdle (1951) The common law exceptions -restated as three requirements by Lord Scarman in pao on v lau yiu long (1980) Act must have been performed at the request of promisor lampleigh v braithwait. Expectation of payment or conferment of some other benefit - re caseys patents 91892) The promise or payment must have been legally enforceable had it been given in advance (ie at the time of negotiation/agreement) Statutory exception sec 27 bills of exchange act 1882. Consideration must move from the promise. Only the parties to the bargain are able to enforce it . Tweddle v Atkinson (1861). A party cannot be sued under a contract he/she has provided consideration- except where the contract act 1999 applies. Dealt with more fully under the doctrime of privity of contracts. Performance of public duty will not amount to consideration. Collins v godefroy (1831). Unless something extra is provided . Glasbrook bros v glamorgan county council (1925). Sec 25 police act 1996.