Question

Which of the following statements are true of legal consideration?

1) The consideration of love and affection has been deemed insufficient to support a conveyance.
2) Any consideration, however small, will support a promise.
3) A court will not regulate the amount of consideration in the absence of fraud.
4) As a general rule, a contract need not be supported by consideration in order for it to be binding.

Answer 1

Legal consideration refers to something of value exchanged between parties in a contract. Love and affection alone is not considered valid consideration, while any consideration, no matter how small, will support a promise. Courts generally do not regulate the amount of consideration, except in cases of fraud. A contract must be supported by consideration in order to be binding.

Step-by-step explanation:

Legal consideration refers to something of value exchanged between parties in a contract, which forms the basis for the agreement. In relation to the statements provided:

1. The consideration of love and affection has been deemed insufficient to support a conveyance. This statement is true. Love and affection alone is not considered valid consideration for a contract.
2. Any consideration, however small, will support a promise. This statement is true. In contract law, consideration can be of minimal value as long as it is given in exchange for something else.
3. A court will not regulate the amount of consideration in the absence of fraud. This statement is true. Generally, courts do not interfere in determining the adequacy of consideration unless fraud is involved.
4. As a general rule, a contract need not be supported by consideration in order for it to be binding. This statement is false. Consideration is a necessary element for a contract to be binding and enforceable.