Purposes of Consideration
There are three main purposes cited for the consideration requirement. The first is the cautionary requirement - parties are more likely to look before they leap when making a bargain than when making an off-the-cuff promise of a gift. The second is the evidentiary requirement - parties are more likely to commemorate, or at least remember, a promise made due to a bargaining process. The third is the channeling requirement - parties are more likely to coherently stipulate their specific desires when they are forced to bargain for them. Each of these rationales ensure that contracts are made by serious parties and are not made in error.
Read more about this topic: Consideration Under American Law
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—George Gordon Noel Byron (1788–1824)
“A material resurrection seems strange and even absurd except for purposes of punishment, and all punishment which is to revenge rather than correct must be morally wrong, and when the World is at an end, what moral or warning purpose can eternal tortures answer?”
—George Gordon Noel Byron (1788–1824)