Asked by Eliza Howard on Jul 27, 2024
Verified
Gross inadequacy of consideration is,by itself,a sufficient reason to set aside a contract.
Consideration
Consideration refers to something of value that is exchanged between parties in a contract, making the agreement legally binding.
Gross Inadequacy
A significant disparity or insufficiency, often relating to an offer’s value in a contractual agreement, which may lead to questioning the fairness of the contract.
- Understand the principle of consideration in contract law.
Verified Answer
MI
Mahira IrfanJul 31, 2024
Final Answer :
False
Explanation :
Inadequacy of consideration,standing alone,is never sufficient to prove lack of true consent or contractual capacity.Although gross inadequacy of consideration is not,by itself,ordinarily a sufficient reason to set aside a contract,the courts may refuse to grant specific performance or other equitable remedies to persons seeking to enforce unfair bargains.
Learning Objectives
- Understand the principle of consideration in contract law.
Related questions
Which of the Following Is True of Consideration ...
The Rule on Adequacy of Consideration Reflects the Laissez-Faire Assumption ...
Historically,free Promises Were Not Enforced Unless They Had Which of ...
Consideration Is What Distinguishes Enforceable Agreements from Gratuitous Promises
A Promisee's Consideration Is Effective Only If Given Directly to ...