You'll also realize that if you're intimidated by contracts, you need not be. It's a two-way street, and you choose your own direction and the speed you're willing to go. Even a broad overview of all the ins and outs of contracts could fill a year's worth of magazines. Future issues of PWC will follow up on this article with further information. To be valid, a contract must have an offer and acceptance.
Consideration is a bargained-for exchange.
It means you have incurred a legal detriment by the obligation to paint the house, and a legal benefit by getting paid for it. The homeowner also gained a legal benefit because the new paint job will improve the appearance and value of his house. In express contracts, the terms of the deal are clearly stated by the parties. In the house-painting example, there is an express contract because you and the homeowner agreed to a price required for the job. You also would have provided other information in the contract, such as which rooms would be painted and how long the job would take.