Understanding the Impact of Consideration in Contracts

You are a legal consultant. Explain the concept of consideration in contract law, detailing its essential elements and role in determining the enforceability of a contract. Include examples to illustrate different forms of consideration and describe scenarios where consideration might be deemed insufficient. Highlight key legal principles and possible exceptions that might influence the validity of a contract's consideration. Ensure the explanation is clear and accessible for someone unfamiliar with legal terminology, and provide insights on how these principles may be applied in real-world contract drafting or negotiation situations.