Definition

When at the desire of the promisor , the promisee or any other person has done or abstained
from doing, does or abstains from doing, or promises to do or to abstain from doing,
something, such act or abstinence or promise is called a consideration for the promise. The
section defines what is consideration for a promise. It is an act , forbearance or promise done
or given at the request of the promisor by the promisee or any other person. While section (d)
defines consideration, the requirement of consideration as an essential element of contract is
mentioned only in section 25 of the act, which renders an agreement without consideration
void , subject to exceptions therein
In English law certain principles are fundamental . one is that only a person who is a party to
a contract can sue on it. Our law knows nothing of a jus quaestium teritio arising by way of
contract, such a right may be conferred by way of property , as , for example under a trust,
but it can not be conferred on a stranger to a contract as a right to enforce the contract in
personam. A second principle is that if a person with whom a contract not under seal has been
made is to be able to enforce it, consideration must be given by him.
Some fundamental propositions of English law
1- Consideration must move from the promisee and the promisee only. If it be furnished by
any other person the promisee becomes a stranger to the consideration and therefore can
not enforce the promise.
2- A contract can not be enforced by a person who is not a party to it even though it is
made for his benefit. He is a stranger to the contract and can claim no rights under it.

Definition and its requirements

At the desire of the promisor
The definition of consideration in sec 2(d) clearly emphasises that an act or
abstinence which is to be a consideration for the promise must be done or promised to be
done accordance with the desire of the promisor. In other words an act shall not be a good
consideration for a promise unless it is done at the desire of the promisor.
In Durga Prasad v baldeo
The plaintiff , on the order of the collector of a town, built at his own expense, certain shops
in a bazaar. The shops came to be occupied by the defendants who, in consideration of the
plaintiff having expended money in

This is from pollack

Consideration is excuted when an act is performed in return for a promise , the promise is
unilateral ; and there may be a right on one side and outstanding liability on other illustration
of this may be found in offers of reward. Where, for instance, the owner of a lost article offers
a reward to the person who finds and return it to him, the finder, by returning the article, both,
accepts the offer and furnishes the consideration for the offerors promise.
Where the consideration is executed, liability is outstanding on one side only; where, on the
other hand, the consideration is executor, liability is outstanding on the both sides. The
consideration cannot be wholly executed on both sides. For where performances, and
performances only, or exchanged, of which a sale of goods over the counter for ready money
is a familiar example, nothing remains to be done by either party, and there is no promise at
all and nothing for the law to enforce. If a contract has been fully and completely performed
on both side no question of any further rights and liabilities under the contract is likely to be
arise.
An irrevocable power of attorney to the creditor to sell the hypothecated property and credit
the same towards the loan advanced, remains an executory promise of the debtor as long as
the debt is outstanding and property not sold against the executed promise of the creditor. The
consideration of the power of attorney is the loan advanced or remaining unpaid it is not
correct to say that as against the loan advanced, the hypothecation of the property becomes a
completed or executed promise. Hypothecation is only a step towards payment of the loan.
But the promise of the debtor remains executory in character as against the executed promise
of the creditor. An executed consideration is within the definition of consedration of
section{2d}; it consist in performance.
An executed consideration consists in an act already done by one as consideration for a
promise of the others and the liability on one side only this present, as opposed to future
consideration.