Consideration in Contracts:
Consideration is a vital element in the formation of a contract. It refers to something of value that is exchanged between the parties to a contract. Without consideration, a contract may not be considered valid.

Explanation:
Consideration is necessary to make a contract legally binding. It distinguishes a contract from a gift or a one-sided promise. Both parties must provide something of value, whether it is goods, services, money, or something else, in exchange for what they receive.

Example:
For example, if you agree to pay your friend $50 in exchange for them painting your fence, the $50 payment is the consideration for your friend's painting services. Both parties are giving up something of value in exchange for something else.

Stranger to Consideration:
A stranger to consideration is a person who is not a party to the contract but benefits from it. They do not provide any consideration themselves but still receive some benefit from the contract.

Conclusion:
In conclusion, consideration is an essential element in the formation of a contract. It ensures that both parties are giving up something of value in exchange for their obligations. A stranger to consideration may benefit from a contract without providing any consideration themselves.