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Hi Mike!
I actually do have watched your lectures on contract, however I am still having some difficulties to understand the term ‘adequacy’ and ‘sufficiency’ in relation to consideration.
Could you please explain?
Thanks.
“Adequacy” suggests that the value of the consideration should be pretty similar to the value of consideration received
In English law, that premise is not relevant. If you were to offer to sell me your Ferrari Testosterone in exchange for me answering all your law questions within 24 hours, the value of the considerations moving from me to you and from you to me are nowhere near similar. But the Courts are not interested in relative values, even though that car of yours in worth a mere fraction of the consideration that I provide under our contract
“Sufficient” suggests that the considerations both ways (from me to you and from you to me) have a value. It is irrelevant what that value is, so long as it has a value
OK?
When can you let me have the keys for the Ferrari?
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