Discuss the concept of adequacy of consideration.

Adequacy of consideration is not required where parties have freely agreed to the exchange. The items or actions that the parties agree to exchange do not need to have the same value. The requirement of legal sufficiency of consideration is not at all concerned with whether the bargain was good or bad or whether one party received disproportionately more or less than what he gave or promised in exchange. Courts will not invalidate a contract for absence of adequate consideration unless the purported consideration is clearly without any value. In such case, many courts would hold the transaction is a sham..