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4.1-4  Adequacy of Consideration

Revised to January 1, 2008

In determining whether there is consideration to support a contract, the relative value of the consideration does not matter.  Consideration is sufficient to support a contract even though it does not have a market value equal to that promised by the promisor.

Authority

Osborne v. Locke Steel Chain Co., 153 Conn. 527, 532 (1966); General Electric Capital v. Transport Logistics, 94 Conn. App. 541, 546 (2006); 2 A. Corbin, Contracts (Rev. Ed. 1966) § 5.14, p. 63.

Notes

Economic inadequacy may constitute some circumstantial evidence of fraud, duress, over-reaching, undue influence, mistake or that the detriment was not bargained for.  See J. Calamari & J. Petrillo, Contracts (4th Ed. 1998) § 4.4, pp. 172-75.

If the transaction is a gift rather than a contract, no consideration is required.  Kriedel v. Krampitz, 137 Conn. 532, 534 (1951); Wasniewski v. Quick & Reilly, Inc., 105 Conn. App. 379, 382 (2008).
 


 

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