Sign In
Not register? Register Now!
Essay Available:
Pages:
1 page/β‰ˆ275 words
Sources:
2 Sources
Style:
APA
Subject:
Business & Marketing
Type:
Essay
Language:
English (U.S.)
Document:
MS Word
Date:
Total cost:
$ 4.32
Topic:

Adequacy of Consideration

Essay Instructions:

Imagine that you are at a flea market and you are looking through a table full of old books or every type. You discover what you believe to be a first edition of Mark Twains' Huckleberry Finn, although you are not certain. The price on the book is $5.00 and you gladly pay it without question. Neither you nor the seller discuss the book in any way as you purchased the book. Afterwards, you have the book appraised by an expert antique book export, who informs you that the book is worth at least $10,000.00. 
In this exchange, you have provided $5.00 in consideration for an item worth circa $10,000.00 when sold in the correct market. Could the flea market bookseller properly seek to have the sale set aside due to inadequate consideration? What is the flea market bookseller knew it was an original, but had no idea of the true worth and thought that $5.00 was a reasonable price? Will the law consider the issue of adequacy of consideration in this instance? 

Essay Sample Content Preview:

Adequacy of Consideration
Name:
Subject:
Date of Submission
Adequacy of Consideration
Adequacy of consideration is a requirement for a valid contract. It could be defined as an adequate exchange of anything valuable in return for a service delivery or a promise to deliver. Simply put, it is the fairness of a bargain in a business deal. This paper uses a practical example to show cases where adequacy of consideration may deem a contract valid or invalid.
After paying for a book worthy $ 10,000 for $ 5.00, the buyer realizes that the book is worthy $ 10,000 in the correct market. In this case, the seller cannot revoke the deal because the court will assume adequacy of consideration between the two parties. This owes to the reality that Miller, and Jentz (2013) argue that courts do not consider whether a bargain is equal to the promise provided the contract is acceptable. In short, the seller cannot set aside the sale because of adequacy of consideration.
However, the seller can set aside the deal i...
Updated on
Get the Whole Paper!
Not exactly what you need?
Do you need a custom essay? Order right now:
Order

πŸ‘€ Other Visitors are Viewing These APA Essay Samples: