Under Section 2(d) of the Indian Contract Act, 1872, what is the definition of "consideration"?

Section 2(d) of the Indian Contract Act, 1872, defines consideration as the price for which the promise of the other party is bought. It can be: (1) giving something of value, (2) doing something that one is not bound to do, (3) abstaining from doing something that one has a right to do, or (4) suffering detriment. Consideration must move from the promisee or at the promisor's desire but need not move to the promisor (Chinnaya v. Rao). Consideration is essential for contract formation except in case of gifts, wills, or agreements made under seal. Past consideration is generally not valid; consideration must be present or future, flowing from the promisee, and must be legal and real.