Question

Explain what is meant by the "sufficiency of the consideration". Make sure to provide examples of what would not be sufficient consideration, and why.  

Answer 1

Sufficient consideration can be defined as a consideration reckoned by the law to be of any sufficient value to support any general contract between the parties to the contract. It is also known as a consideration which is sufficient to support a certain transaction.

There must be a consideration in order to have the legal obligation of any contract and it can be seen as a legally sufficient a negotiated value which is given by the promisor in return to the performance of the promise.

Example of insufficient consideration:-

If David gives an apple to Patty on Monday as a gift . This makes Patty quite happy and she says that she will gift a pear to David next day. This is not a sufficient consideration as there was not a mutual agreement and Patty and David did not agree to give a pear in exchange for an apple.