What is the requirement of consideration within a contract? Which of the following is correct?

Group of answer choices

Consideration is the price paid for the promise received, this can be a return promise to do, or not do something, or a payment of money. Consideration is needed to bind the parties to the agreement

Consideration can only be in the form of money, any promise that is not in money does not constitute appropriate consideration, and such non money agreements will not be binding

Consideration must be something of value given in exchange for a promise, promising not to do something therefore cannot constitute good consideration

Consideration is the giving of some physical benefit in exchange for a promise to do something, the physical benefit must actually be received in order to bind the parties