A simple contract must have consideration pass between the parties. Consideration can be anything of value but cannot be past consideration, vague, uncertain, unlawful, illegal, or against public policy. It need not be fair value. Both parties must give consideration or a promise of consideration for a simple contract to become valid.
A transfer must include a statement of the true consideration. It is not necessary to insert a monetary consideration. Other forms of transfer are acceptable such as by way of deed, love and affection/natural love and affection, by way of gift or court order (must show “Court Order No..”