Asked by Eliza Howard on Jul 27, 2024

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Gross inadequacy of consideration is,by itself,a sufficient reason to set aside a contract.

Consideration

Consideration refers to something of value that is exchanged between parties in a contract, making the agreement legally binding.

Gross Inadequacy

A significant disparity or insufficiency, often relating to an offer’s value in a contractual agreement, which may lead to questioning the fairness of the contract.

  • Understand the principle of consideration in contract law.
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MI
Mahira IrfanJul 31, 2024
Final Answer :
False
Explanation :
Inadequacy of consideration,standing alone,is never sufficient to prove lack of true consent or contractual capacity.Although gross inadequacy of consideration is not,by itself,ordinarily a sufficient reason to set aside a contract,the courts may refuse to grant specific performance or other equitable remedies to persons seeking to enforce unfair bargains.