One of the essential elements to a contract is "consideration". Consideration means:

Consideration is a fundamental concept in contract law, as it refers to the value that is exchanged between parties entering into a contract. This "something of value" can take many forms, including money, services, or goods. It serves as the reason that individuals enter into a contractual agreement and provides the motivation for each party to fulfill their obligations. Without consideration, there is no enforceable contract.

In this context, consideration demonstrates that each party is giving something up or providing value in exchange for what they are getting from the other party. This mutual exchange helps to uphold the contract’s validity, as it signifies that the agreement is not merely a gift or an informal arrangement between the parties.

The other options, while relevant to contract formation, do not define consideration accurately. Understanding the specific role of consideration is vital for recognizing how contracts operate within real estate and leasing agreements in Illinois.