What is mean by consideration and how the third party is consirder and its examples?

Consideration refers to something of value exchanged between parties in a contract, necessary for its enforceability. In contract law, a third party can be considered if they stand to benefit from the agreement, even if they are not directly involved in it. For example, in a life insurance policy, the insured pays premiums to the insurer, but the beneficiary (a third party) receives the payout upon the insured's death. Another example is a contract for the sale of goods where a third-party lender may have an interest in the transaction.