What must be the value of consideration for that consideration to be effective to bind the contract?

Group of answer choices

Consideration cannot be a promise since that is illusory, it must be something that is considered valuable.

Consideration can be based on anything of value which has been given in the past by the promisee.

Consideration needs to be of some value, i.e. adequate, it does not have to be sufficiently equal to the value of the promise.

Consideration must be commensurate with the value of the promise given, insufficient consideration will not be considered to be adequate and binding on the parties.