Consideration, an essential element in the formation of a valid contract, may be identified as:

Consideration in a contract refers to something of value that is promised to another when making a contract. It can be anything that someone might want to bargain for in exchange for a promise. This can include goods, services, money, or even a promise to do or not do something.

Here are the steps to identify consideration in a contract:

1. Identify the Promisor and Promisee: The promisor is the party making the promise, and the promisee is the party to whom the promise is made.

2. Determine if there is a Bargain: Consideration is often part of a bargain. This means that the promisee gives something to the promisor in return for the promise.

3. Identify the Consideration: Look for what the promisee is giving to the promisor. This could be a promise to do something, a promise to refrain from doing something, or the transfer of something of value.

4. Assess the Legality: The consideration must be something that is legal. If the consideration involves illegal actions, it is not valid.

5. Determine Adequacy: The law does not require the consideration to be of equal value, it just needs to be something of value. However, if the consideration is grossly inadequate it may raise questions about the validity of the contract.

6. Ensure Mutuality: Both parties must get something of value for a contract to be valid. This is often referred to as a "mutual exchange" or "bargained-for exchange".

7. Check for Past Consideration: Past consideration, something that has already been done or promised, is not valid consideration in most legal systems.

By following these steps, you can identify consideration in a contract.