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to whom Parker was speaking and immediately said that he would accept the horse for $1.00.
Parker agreed to accept $1.00 after the afternoon’s race in which Parker was obligated to
participate. In the afternoon’s race, the horse won and Parker decided that he did not really want
to sell the horse for $1.00.
The contract is unenforceable because the consideration is not adequate.
The courts will review whether the consideration is good consideration.
One dollar constitutes sufficient consideration.
The sufficiency of the consideration depends on whether Parker was serious.
229. Gus Parker owned a race horse that had not made a good showing in the last 10 races. Disgusted
with the horse, Parker stated that he would sell the horse for $25.00. Sam Hood immediately
said that he would accept the horse for $25.00. Parker agreed to accept $25.00 after the
afternoon’s race in which Parker was obligated to participate. The horse won the race with a
prize money of $5,000,000, and Parker decided that he did not real...
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- Fall '12
- The Lottery