Asked by Stephanie Nieto on Jun 15, 2024

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The rule on adequacy of consideration reflects the laissez-faire assumption of freedom of contract.

Adequacy Of Consideration

The fairness of the value or price exchanged in a contract, though the law typically does not require consideration to be equal in value.

Laissez-Faire

An economic philosophy of free-market capitalism that opposes government intervention in business affairs, advocating for a "let do" or "let people do as they please" approach.

  • Become familiar with the essential principle of consideration as a cornerstone in contract law.
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Rebekah CurryJun 21, 2024
Final Answer :
True
Explanation :
The rule on adequacy of consideration reflects the laissez-faire assumption of freedom of contract.The freedom of contract includes the freedom to make bad bargains as well as good ones,so promisors' promises are enforceable if they got what they asked for in exchange for making their promises,irrespective of the actual value of the exchange.