Adequacy of consideration - law of contract, Business Law and Ethics

Adequacy of consideration - Law of Contract

Well provided that consideration is sufficient, or actual it necessitate not be adequate.  Hence the court will not compare the value of the defendant's promise about the value of the plaintiff's act or promise in order for determines the fairness of the transaction.  Here the parties are presumed for have concluded a fair bargain and such the court will not assist any one among of them who alleges such he made a bad bargain.  However this is illustrated trough Thomas v. Thomas in whether it was held that a payment of by £1 per year to the use of a house was binding on the executors to the deceased owner as Thomas who had promised to accept such payment.

Posted Date: 1/22/2013 2:59:20 AM | Location : United States

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