Asked by Razmin Ellazar on Jun 10, 2024
Verified
Which of the following is not correct with respect to the adequacy of consideration?
A) Must be of some value and love and affection are not enough
B) Need not be present if the agreement is under seal
C) Need not be fair, unless there are extenuating circumstances (i.e., insanity or fraud)
D) Need not be legal if both parties clearly consent
E) Existing duty: a change in the contract requires new consideration
Adequacy of Consideration
The fairness of the value exchanged in a contract, ensuring that what is given by each party is of comparable worth.
Legal
Pertains to the system of rules that are created and enforced through social or governmental institutions to regulate behavior.
Existing Duty
An obligation that a party is already legally bound to under the terms of a contract or by law.
- Interpret legal issues related to the adequacy of consideration and pre-existing duties.
Verified Answer
Learning Objectives
- Interpret legal issues related to the adequacy of consideration and pre-existing duties.
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