Legal Question in Business Law in New York

Consideration is a concept of the law of contracts; it is the glue that makes a contract binding on the parties.

To form a contract, you need three parts: an offer, an acceptance, and consideration. Consideration is the exchange of something of value between the parties at the time of formation of the contract; that something of value can simply be the promises in the contract, or it can be money, or it can be labor, or it can be anything else of value.

In your example, consideration is not the repayment months later; consideration is the promise AT THE TIME OF FORMATION OF THE CONTRACT to pay you back.

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