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Quid pro quo, or the exchange of valuable consideration, is required for the formation of a valid contract between individuals who are not merchants. This requirement of mutual consideration, or the exchange of something of value, indicates the sincerity of the parties' intent to adhere to the contract between them.
Also found in: Dictionary, Thesaurus, Medical, Financial, Acronyms, Encyclopedia, Wikipedia. Related to pro forma: Pro Forma Balance Sheet. As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma, in an appealable decree or judgment, usually means that the decision was rendered not on a conviction that it was right, but merely to facilitate further proceedings.