Well done Elgordo. Consideration, as it respects contract law is always fun to try and get a grip on. I have a law book, here is what it says with respect to contract consideration:
Under a bargain theory of consideration, what is required is that the promise and the consideration be "in the relation of reciprocal conventional inducement, each for the other." In other words, consideration must both be "sought by the promisor in exchange for his promise and be given by the promisee in exchange for his promise. If so, then you have a bargain which is supported by consideration, and may be enforced, so long as the rest of the elements of a contract are found and satisfied. Good stuff, huh? May not have put it all out there just right, and in any case don't have a clue what it means.
Under a bargain theory of consideration, what is required is that the promise and the consideration be "in the relation of reciprocal conventional inducement, each for the other." In other words, consideration must both be "sought by the promisor in exchange for his promise and be given by the promisee in exchange for his promise. If so, then you have a bargain which is supported by consideration, and may be enforced, so long as the rest of the elements of a contract are found and satisfied. Good stuff, huh? May not have put it all out there just right, and in any case don't have a clue what it means.