Examination Timing: 00H00M44S
Lisa agrees to sell her antique vase to Sam for £500. They both sign a written agreement, but before Sam makes the payment, Lisa finds out that the vase is worth £5,000. Lisa informs Sam that she will not sell the vase as agreed.
What should Sam do?
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Sam can demand that Lisa honours the contract because sufficient consideration has been promised. In contract law, consideration must be sufficient but need not be adequate. The promise to pay £500, even if the vase is worth £5,000, constitutes sufficient consideration, creating a binding contract.
Key Point: Consideration must be something of value in the eyes of the law. As long as consideration is present, it is legally sufficient to support a contract, regardless of its adequacy.
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