Types of consideration in a Contract Law are not expressly not provided. Now we will discuss some different kinds of consideration in Indian Contract Law.  We already covered consideration meaning and all the essential elements of considerationWhat is consideration in contract law?

The definition of Consideration and consideration meaning in law has been provided under section 2(d) of the Indian Contract Act, 1872. Mainly, there are three types of consideration in contract law as defined under the definition of consideration. But, we can see there are more kinds of considerations in the common law.

There are six kinds of consideration in contract law. These are; 1. Executory (Future) Consideration 2. Executed (Present) Consideration 3. Past Consideration 4. Conditional Consideration 5. Unreal Consideration 6. Illegal Consideration

1. Executory Consideration (Future Consideration) The executory consideration or future consideration is the consideration where one or more parties make a promise that the consideration is to be performed in the future.

2. Executed Consideration (Present Consideration) The executed consideration or present consideration is the consideration where the parties are performed their promises. It means, the parties to the contract are performed their contractual obligations or promises then it is known as "executed consideration" or "present consideration."

3. Past Consideration In a general contract, then consideration should be with the contract, but in the past consideration the act has been done already before making any promise then it is known as Past Consideration in the contract law. According to Anson, the past consideration is no consideration and it is unenforceable in English Law. So, in Common Law, past consideration has no value or past consideration is does not consider and the past consideration is not good consideration.

4. Conditional Consideration Conditional consideration is the consideration where one party imposes a request or a condition with the offeree. This is called conditional consideration. In simple words, the offeror imposes a condition on the offeree while making an offer with the offeree to get his/her acceptance. Such a condition or request imposed on the offeree is conditional consideration.

5. Unreal or Illusionary Consideration When the consideration is impossible to perform or the consideration is illusionary or imaginary, then the consideration is called unreal or illusionary consideration. And, the consideration in the agreement is only in words and has no value in the eye of the law is also considered an unreal consideration. Therefore, unreal or illusionary consideration has no value in the eye of the law.

6. Unlawful Consideration The unlawful consideration in the Indian Contract Act, 1872, is when the parties make an agreement with unlawful or illegal consideration, the contract is an illegal contract or void contract and the consideration is unlawful or illegal.