What is required for a promise to be sufficient consideration?

For a promise to be considered sufficient consideration, it must involve a mutual exchange of value. This means that both parties must provide something of value to one another, which can be a promise, payment, goods, or services. This principle is foundational in contract law, emphasizing that a contract is a mutual agreement where both sides agree to give and receive something.

In the context of mutual exchange, consideration does not necessarily have to be equal or of the same value, but each party must hold an obligation that creates a benefit or detriment to both. This is what differentiates enforceable contracts from mere promises that may not be legally binding. Sufficient consideration confirms the intention of both parties to enter into a binding agreement by demonstrating their commitment through reciprocal inducements.

Other options, while they may pertain to contract formation in specific situations, do not encapsulate the fundamental requirement of consideration that is necessary for the enforceability of a promise in contracts.