Answered Essay: Imagine that you are at a flea market and you are looking through a table full of old books or

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?

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Answer

Inadequate consideration is not void; however, it can make a contract unenforceable either by itself or due to procedural defects in bargaining. So the flea market bookseller can seek to have the sale set aside due to inadequate consideration.

In adequate consideration doesn’t take into account what the flea market seller thinks to be the right price for the product. It just is what it should be. Hence it can be a case of inadequate consideration and teh contract can be made unenforceable.

Yes the law will consider the same for reasons cited above.

All these is possible only when, the flea market seller, raises an issue that also within a stipulated time.

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