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In the context of Business Law applicable to cooperatives under the Indian Contract Act, 1872, consideration and object are fundamental elements of a valid contract. Lawful consideration and lawful object are essential for the enforceability of any agreement. Lawful consideration, as defined under Section 2(d) of the Indian Contract Act, refers to something in return for which a promise is made. It may consist of an act, abstinence, or a promise to do or refrain from doing something. Consideration must be real and not illusory, and it must move at the desire of the promisor. It can be executed or executory. For example, in a cooperative society, when a member agrees to pay a certain amount in return for the services or benefits offered by the ___ __________ _________ ___ _______ _______ __________.
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