Which of the following statement is correct relating to 'consideration' in the context of a valid contract?

Consideration may be past, present or future

The correct answer is Option 2: Consideration may be past, present or future

Option 1: An agreement without consideration is void without any exception: This is incorrect. There are exceptions such as agreements made out of natural love and affection.

Option 3: Consideration should not only be adequate, but should also be real. This is incorrect. Consideration does not necessarily have to be adequate, but it must be real. 

"Consideration is an important element in a contract. A contract without consideration is not valid. Consideration means 'something in return' for the offer. Consideration can be in the nature of an act or forbearance. The general rule is that, an agreement without consideration is void and not enforceable by law because in such cases, one party is getting something from the other without giving anything to the other. There should always be a mutual consideration. In other words, each party must give and also take. There are exceptions to this general rule in certain situations such as a written and registered agreement out of natural love is not void, even if it is without consideration. Consideration need not be adequate, but should be real. Consideration may be past, present or future and should not be illegal, immoral or opposed to public policy.