body: [*O'Sullivan & Hilliard's The Law of Contract*](https://www.amazon.co.uk/OSullivan-Hilliards-Law-Contract-Janet/dp/0198807821/ref=dp_ob_title_bk) (2018 8 ed). p. 90. 
  
  
  
  > 
  > 5.5 Better still, keep in mind some common examples of consideration in practice:
  > 
  > 
  > •  Simultaneous contract and performance, like sale of goods at a supermarket:
  >  you get the goods and provide, by way of consideration, the price in return; the
  >  supermarket gets the price and provides, by way of consideration, the goods in
  >  return. Contrast this with a gift of goods—the person making the gitf gets nothing
  >  in return and therefore the gift ‘transaction’ has no consideration and is not regarded as a binding contract. Of course, the relevance of the distinction between
  >  a binding contract and a purely gratuitous exchange is more significant where
  >  there is a gap in time between the formation of the contract and the date it is to be
  >  performed, as in the next category.
  > 
  > 
  > •  Bilateral contract made before it is due to be performed, as where A and B make a
  >  contract in January for the purchase/supply of grain in August: A’s promise to pay
  >  the price is made in exchange for B’s promise to supply the grain—the law regards
  >  A’s promise as the consideration for B’s and vice versa. So there is a binding contract in January even though nothing is to be physically handed over until August.
  >  (Notice there is no external logic to this principle—A’s promise is only good consideration for B’s because the law regards **it** as enforceable and therefore of value,
  >  and **it** is only regarded as enforceable because it is supported by **consideration**.
  >  But **it** is only supported by consideration if B’s promise is enforceable and so it
  >  goes on *ad infinitum*! Despite this, it is a hugely important commercial principle.)
  > 
  > 
  > 
  
  
  1. What does "it" refer to here?
  2. What 'consideration' is being referred by **consideration**?
  
  
  
title: What's the antecedent of "it"? "A’s promise is only good consideration for B’s because the law regards it as enforceable and therefore of value"