Define what you think contract consideration means. Yes, there are three elements to consideration but rephrase the definition in another way? In a way that makes more practical sense to you? What if you had to describe contract consideration to someone who had no idea what a contract was legally about and had never taken a business law course? How would you explain it? Does the consideration from each party have to relatively equal? Why or why not? What could parties do to insure that the contract consideration is clearly understood and that each side is not making any mistakes in understanding?