Final answer:
True, performing an action that one is not required to do may serve as valid consideration in a contract, as long as it is bargained for and has legal value.
Step-by-step explanation:
The statement 'the performance of an action that one is not otherwise obligated to undertake is legally sufficient consideration' is generally true. In legal terms, consideration refers to the value promised in exchange for a performance or a promise of performance. It is a fundamental component of a valid contract.
For an action to count as consideration, it must be something that the person performing is not legally required to do. It can be an act, a forbearance, or a promise to do (or not to do) something. If a person voluntarily performs an action they are not obligated to undertake, it can constitute valid consideration as long as it is bargained for and has some value in the eyes of the law.