Question

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? Please DO NOT USE something someone has already mentioned on here please new and fresh response would be appreciated cite if needed as well PLEASE thanks.

Answer 1

The sale could be set aside for inadequate consideration but this would not be enforceable in court and if the flea market seller knew that book was an original one but had no idea of true worth then also this would not be enforceable in court because both the seller and the buyer agreed on for that price.

The law will not consider this as issue of inadequacy of consideration as there is no deception involved. Courts don't worry about the amount of consideration what seller and buyer have decided, i.e., courts are reluctant to interfere with contracts which are freely made between contracting parties.

And this sale is also made freely by both seller and buyer.

For example, if A offers mow the loan of B for $75, a court probably won’t worry about whether the job is worth more or less money as long as both agreed nad no deception involved.