This document defines consideration and outlines its key elements and functions in contract law. Consideration is something of value given in exchange for something received. It must be given by the promisee at the promisor's request. Consideration can be past, present or future acts. It must be real/possible, but does not need to be adequately valued. Exceptions to the consideration requirement include contracts of love, agency, voluntary services, donations, gifts, extensions of time limits, and time-barred debts. The document also defines bailment as the delivery of goods by one person to another for a purpose, and outlines the rights and duties of bailors and bailees.