Unformatted text preview: Can mere inadequacy of consideration void a contract? Answer/Holding: No. While a contract is void is there is no consideration, a contract cannot be voided on the grounds that consideration is present, but inadequate. Reasoning: The defendant does not argue that the drachmas she borrow had no value. In fact, the trial court placed a value of $750.00 on them or on the other consideration which plaintiff gave defendant for the instrument if he believed plaintiff's testimony. Therefore, the defendant cannot argue that there is “want of consideration.” Having established that, the court does inquire as to the adequacy of consideration. Adequacy of consideration should not be determined by a court because require courts to place objective values on the items exchanged in contracts, thus infringing on the freedom to individuals to assign items their own idiosyncratic values....
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This note was uploaded on 02/21/2009 for the course LAW LAW 101 taught by Professor Bowman during the Spring '98 term at Cornell College.
- Spring '98