Billy freely agrees to sell Roger a painting for $100. Billy thinks the painting is ugly and a piece of junk. Neither Billy nor Roger are art aficionados or knowledgeable about art. After the sale is made, however, Billy discovers that the painting is worth $10,000. If Billy tries to void his agreement for lack of consideration with Roger and loses, what would be the best reason under these facts? a. Billy was under no duress at the time of the sale. b. The consideration, although disproportionate, is nevertheless adequate because he was done freely.

c. Billy made a unilateral mistake.

d. None of these are correct.

Question

Cummings

Business

1 May, 06:24

Billy freely agrees to sell Roger a painting for $100. Billy thinks the painting is ugly and a piece of junk. Neither Billy nor Roger are art aficionados or knowledgeable about art. After the sale is made, however, Billy discovers that the painting is worth $10,000. If Billy tries to void his agreement for lack of consideration with Roger and loses, what would be the best reason under these facts? a. Billy was under no duress at the time of the sale. b. The consideration, although disproportionate, is nevertheless adequate because he was done freely.

c. Billy made a unilateral mistake.

d. None of these are correct.

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Answers (1)

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Devan Brooks · Answer 1

b. The consideration, although disproportionate, is nevertheless adequate because he was done freely

Explanation:

Consideration is one of the essential elements of a valid contract, it is the quid pro quo of a contract, that is, something for something. Consideration is anything of value exchanged for services rendered, goods supplied, or promise. it is the value of what parties to a contract get in a contractual deal.

It must be noted that in the eyes of the law consideration need not be adequate but must be sufficient for the contract.