what does it mean by "lacks consideration"

What is the name of your state? NH

Have a petition to the court to verify a will and an option to purchase real estate (both written up by a 'friend', not a lawyer). The option to purchase the real estate (the only asset) is for the 'friend'. The petition defines the option and the notarization and after that says "the purported option lacks consideration'.

Can you tell me what that means? Does it mean they (the lawyer and petitioner) are saying in their opinion it is not valid - or are they saying that it sounds like it is valid?

Just unclear on the wording. This has not been ruled on yet.
Thanks.

Consideration = money

I'm sure I'll be corrected if wrong...but it sounds like it is saying that no money will "change hands" when that option is used.

I would need to know a lot more to be sure, but if someone wrote:

the purported option lacks consideration

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I would think the writer doesn't think the option is a valid contract(purported) because there was no consideration paid for the option.

Oh, I see -- thank you.

Does there generally have to be money paid for this to be a valid contract somehow?

Consideration does not have to be money. It could be doing something you didn't have to do. It could be not doing something you had a legal right to do. Many things. For a summary (I haven't read it so don't know the quality.) see:

http://en.wikipedia.org/wiki/Consideration_under_American_law

tranquility said:

Consideration does not have to be money. It could be doing something you didn't have to do. It could be not doing something you had a legal right to do. Many things. For a summary (I haven't read it so don't know the quality.) see:

http://en.wikipedia.org/wiki/Consideration_under_American_law

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Thanks - I knew it'd be clarified

Thank you so much for the Wikipedia link and information. I guess I'll have to wait and see if the court decides that the contract isn't valid because there is no consideration or if they will err on the side of enforcing the contract no matter what.

Thanks again.

Thanks - I knew it'd be clarified

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In the Paper Chase (Great lawyer movie with John Houseman as Professer Kingsfield.) the topic is demonstrated by Carbolic Smoke Ball. I believe there was a unilateral offer and whether there was consideration--and if so to who the consideration flowed. I never understood that case because it seemed to me the woman paid for the smoke balls, but, still that's the famous case.