Which of the following is correct with respect to the adequacy of consideration?
A)Need not be legal if both parties clearly consent
B)Both parties must be present if the agreement is under seal
C)May be only love and affection
D)Need not be fair, unless there are extenuating circumstances (i.e., insanity or fraud)
E)Existing duty: a change in the contract requires no new consideration

Question

Quizplus · Accepted Answer

Consideration need not be fair or adequate as long as it is legally sufficient, unless there are extenuating circumstances like insanity or fraud that might affect the validity of the agreement.

Which of the Following Is Correct with Respect to the Adequacy