Asked by Tyler Knight on May 07, 2024
Verified
In determining whether consideration exists,the law is not concerned with any disproportion in value between the things exchanged in a contract.
Disproportion In Value
This term does not correspond to a specific, widely recognized legal or financial principle. NO.
Consideration
In contract law, this is something of value that is exchanged between parties entering into a contract, essential for the agreement to be legally binding.
- Examine the binding nature of contracts by evaluating the adequacy of consideration involved.
Verified Answer
CB
Christina BellissimoMay 09, 2024
Final Answer :
True
Explanation :
As long as the promisee's act or promise satisfies the legal value test,the courts do not ask whether that act or promise was worth what the promisor gave,or promised to give,in return for it.
Learning Objectives
- Examine the binding nature of contracts by evaluating the adequacy of consideration involved.