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A contract is a legally binding agreement between two or more parties, typically involving the exchange of goods or services for monetary compensation. While most contracts are enforceable under the law, there are certain conditions that must be met for them to be considered valid. One such condition is the presence of consideration, which refers to the exchange of something of value between the parties involved.

When we speak of consideration in the context of a contract, we are referring to the benefits that each party expects to receive from the agreement. For example, if you hire a plumber to fix a leaky faucet in your home, you are providing consideration in the form of payment, while the plumber is providing consideration in the form of their services.

However, if one party fails to provide consideration as agreed upon in the contract, the contract may be considered voidable. A contract without consideration, therefore, is one such voidable contract.

In order for a contract to be considered valid, both parties must agree to the terms and conditions outlined in the agreement. This includes the consideration that each party will provide. If one party fails to provide consideration, they are essentially breaking their part of the agreement and the contract may no longer be enforceable.

For instance, let`s say that you agree to sell your car to a buyer for $10,000. However, the buyer never actually pays you the money. In this case, the contract is voidable because the buyer failed to provide the consideration that was agreed upon in the contract.

It is important to note that not all contracts require monetary consideration. In some cases, consideration may be in the form of services or goods exchanged between the parties. For example, a landlord may provide housing to a tenant in exchange for the tenant`s promise to pay rent on time.

In conclusion, a contract without consideration is one such voidable contract, and it is not considered legally binding. Both parties must agree to provide something of value in order for the agreement to be considered valid. If one party fails to provide the agreed upon consideration, the contract may be considered voidable and unenforceable. As such, it is crucial for parties to ensure that all terms and conditions of a contract are fully understood and agreed upon before signing any legal agreement.