BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -In law, adequacy of consideration means that for a lawful agreement to be made between two parties, the offeree, also known as the beneficiary, must give in return, a fair price, that is either in equal measure or reasonably proportional to the value given by the offeror, also known as the benefactor.

Detailed explanation-2: -1) Consideration must be sufficient, but need not be adequate. ⇒ Forbearance (where you refrain from taking someone to court) is seen to be sufficient consideration in some circumstances: See the case of Alliance Bank v Broom (1864), for example.

Detailed explanation-3: -The rule is that consideration must be sufficient but need not be adequate. What this means is that the law requires the parties to have entered into a bargain where each side has provided something of value that the courts can see.

Detailed explanation-4: -Consideration is only present when the parties mean to have an exchange. However, consideration must be sufficient but need not be adequate. It means consideration must be having some values, whether it appropriates in order to meet the return of the agreement.