What is the term for something of value being exchanged for something else in a contract?

The term "valuable consideration" refers to something of value that is exchanged between parties in a contract, forming the basis for their agreement. Consideration is a key element in contract law, as it signifies that both parties are offering something of value, which can be money, services, goods, or even a promise to perform or refrain from specific actions. This mutual exchange is essential for the contract to be legally binding, ensuring that both parties have a stake in the agreement and are committed to fulfilling their obligations.

In contract terms, "valuable consideration" is what distinguishes a contract from a gift; in a gift, one party provides something without receiving anything in return. Thus, consideration denotes a reciprocal relationship essential for enforceability.

Other terms in the question do not pertain directly to the concept of an exchange of value. Capacity refers to a party's legal ability to enter into a contract, voluntary alienation relates to the transfer of property rights, and offer and acceptance describe the process by which an agreement is reached. These concepts, while important in contract law, do not encapsulate the specific idea of a value exchange, underscoring the importance of understanding "valuable consideration" in real estate contracts.