Adequate Consideration Law and Legal Definition
Consideration is an important element of a contract. Adequate consideration refers to a price which is equal in value for an act or a thing for which it is given. The price can be in the form of money, property, an act, and promise to do an act or not to do an act. Inadequate consideration is not void; however, it can make a contract unenforceable either by itself or due to procedural defects in bargaining. For example, If A promises B, A’s house worth $25,000 for $5, then this would be inadequate consideration.
Legal Definition list
- Adequate Compensation [Eminent Domain]
- Adequate and Independent Decision
- Adequate and Full Consideration in Money or Money’s Worth
- Adequate Airport [Aeronautics and Space]
- Ademption by Satisfaction
- Adequate Consideration
- Adequate Disclosure
- Adequate Evidence
- Adequate Information
- Adequate Parental Care
- Adequate Protection [Bankruptcy]
Related Legal Terms
- Additional-Consideration Rule
- Adequate Airport [Aeronautics and Space]
- Adequate and Full Consideration in Money or Money’s Worth
- Adequate and Independent Decision
- Adequate Compensation [Eminent Domain]
- Adequate Disclosure
- Adequate Evidence
- Adequate Information
- Adequate Parental Care
- Adequate Protection [Bankruptcy]
