Legal Definition of Consideration: (a) A term applied when a matter has been heard and decided; consideration has been given. (b) A matter of contract wherein one party agrees to do something in return for something the other party agrees to give him, such as money, goods, property, etc | Learn the legal definition of consideration in contracts and its importance in contract formation and enforceability. Discover examples of consideration and how it serves as evidence of agreement and ensures fairness and enforceability. Don’t overlook the crucial role of consideration in protecting your rights and interests in contractual agreements