The "exchange of something of value" translates to how an employee exchanges a salary for work.
"I mean, consideration has a pretty broad definition," continues my lawyer, "so it can be a monetary consideration, [or] it can just be a promise not to do something, or a promise not to take some sort of action or a promise to take some sort of action."
"Like breaking up?" I asked.
The fact is, any Tom, Dick, or Harry can write up a contract just as long as all the terms are laid out and both parties sign. Your name doesn't even have to be Tom, Dick, or Harry!
"You don't need any special structure, as long as you just have the terms clearly laid out, and you both have an understanding, and you have what's called a meeting of the minds, where you both come to some agreement that this is what the contract's going to be, then that's totally fine."