Consideration of some economic value, as opposed to consideration which is merely nominal. For a contract to be valid, consideration must be ‘sufficient’, and as such, valuable consideration is often used as a means by which to determine if a contract is valid, by asking if the consideration is ‘valuable’ in any sense (not necessarily monetary) to one or both parties. Valuable consideration is not necessarily consideration that a market would place value on, but one that the parties would and have placed value on in requesting and/or accepting it.
In the case of Chappell & Co Ltd v Nestlé Co Ltd  AC 97, Lord Somervell expressed that ‘valuable’ consideration exists where the promisor places value on it or requests it, and this can be distinguished from an item’s actual constructive value:
“A contracting party can stipulate for what consideration he chooses. A peppercorn does not cease to be good consideration if it is established that the promisee does not like pepper and will throw away the corn.” – Lord Somervell, Chappell & Co Ltd v Nestlé Co Ltd  AC 97
Further, in the famous case of Carlill v Carbolic Smoke Ball Co, the inconvenience of using the smoke ball was taken to be adequate consideration for the promise of money where it was ineffective in preventing illness.