Which of the following is correct with respect to the adequacy of consideration?
A)Consideration need not be legal if both parties clearly consent.
B)Both parties must be present if the agreement is under seal.
C)Consideration may be only love and affection.
D)Consideration need not be fair,unless there are extenuating circumstances (i.e.,insanity or fraud).
E)Consideration might result from 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