QUESTION 21 What is meant by the phrase: 'consideration must be sufficient but need not...
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QUESTION What is meant by the phrase: 'consideration must be sufficient but need not be adequate'? a The forbearance or value exchanged by the parties must match each other for there to be real consideration b There is no standard measure for consideration, all that is required is that something of value is exchanged between the parties. c This doctrine prevents parties from being shortchanged in contracts, as the court will hold parties to provide similar or comparable consideration in concluding contracts. d This phrase is inaccurate and has no effect on the concept of consideration in contract formation.
QUESTION What is meant by the phrase: 'consideration must be sufficient but need not be adequate'? a The forbearance or value exchanged by the parties must match each other for there to be real consideration b There is no standard measure for consideration, all that is required is that something of value is exchanged between the parties. c This doctrine prevents parties from being shortchanged in contracts, as the court will hold parties to provide similar or comparable consideration in concluding contracts. d This phrase is inaccurate and has no effect on the concept of consideration in contract formation.
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