The requirement of legally sufficient consideration:
A) is that the parties have agreed to an exchange and it imposed a legal detriment upon the promisee or conferred a legal benefit upon the promisor.
B) has nothing to do with the legal value of what is exchanged.
C) means the subject matter that the parties agree to exchange has to have the same value.
D) is the same as the requirement of adequacy of consideration.

Question

Quizplus · Accepted Answer

Legally sufficient consideration means that the parties have agreed to an exchange and that it imposes a legal detriment upon the promisee or confers a legal benefit upon the promisor. This means that there must be something of value exchanged between the parties, which can be a promise, a performance of an act, or refraining from an action. Legally sufficient consideration does not require the subject matter to have the same value or to be adequate, as long as there is a mutual agreement and legal detriment or benefit.

The Requirement of Legally Sufficient Consideration