Consideration is money, property, or services exchanged in a contract. While consideration is usually thought of as money, it can also be services such as babysitting or mowing someone s lawn. A contract is not valid unless each party to the agreement promises to exchange consideration. A breach of contract occurs when a contracting party fails to meet his or her obligation. A person who agreed to sell his or her motorcycle and then refuses to do so breaches the contract.
Contracts can be verbal.
Anyone can make a contract. Young people frequently make contracts to perform services such as paper routes, lawn care, and babysitting. If you are under 18, however, the law states that most contracts you make are subject to disaffirmance. This means that you may be able to avoid any obligation created by a contract you make while under age 18. The law recognizes that inexperienced people can make mistakes.