Define consideration. State the characteristics of a valid consideration under the Indian Contract Act, 1872.

Consideration [Section 2(d) of the Indian Contract Act, 1872] “When at the desire of the promisor, the promise or any other person has done, or does or abstains from doing of promises to do or abstain from doing something, such an act or abstinence or promise is called consideration for the promise”. The essential characteristics of a valid consideration are as follows: (1) Consideration must move at the desire of the promisor. (2) It may proceed from the promisee or any other person on his behalf. (3) It may be executed or executory. It may be past, present or future. (4) It must be real and have some value in the eyes of law. (5) It must not be something which the promisor is already legally bound to do. (6) It must not be unlawful, immoral or opposed to public policy. (7) Inadequacy of consideration does not invalidate the contract. Thus, it need not be proportionate to the value of the promise of the other.