You may have heard of the legal requirement that to enforce a contract, a person needs to show that he has given value; that he has given something in exchange for the promise. In legal terms, he must have provided consideration. Consideration involves the idea that the law only forces bargains where something is given for something, not bare promises. Yes, consideration is vital, as a recent Singapore Court of Appeal decision shows. In that case, the entitlement to more than S$100,000 in commission depended on the issue of consideration.
Low, Kee Yang and Ong, Patricia.
Contracts Involve More than Promises, Promises. (1995). Business Times. Research Collection School Of Law.
Available at: http://ink.library.smu.edu.sg/sol_research/427