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A promise may constitute consideration when one party offers something (either an act, a return promise, or a performance) in exchange for something from the other party. This may be in the form of goods, services, money, etc.
In order for it to be considered valid consideration, however, both parties must have intended to enter into a contract and provide mutual benefit or consideration. If these conditions are met then there is legally binding agreement between the two parties and should hold up in court of law.