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) As a general rule, a contract need not be supported by consideration in order for it to be binding.
3) Any consideration, however small, will support a promise.
4) A court will not regulate the amount of consideration in the absence of fraud.

Answer 1

Legal consideration is something of value exchanged between parties to a contract. Love and affection alone are not sufficient consideration. Contracts must be supported by consideration in order to be binding. Courts generally do not regulate the amount of consideration unless fraud is involved.

Step-by-step explanation:

Legal consideration refers to something of value that is exchanged between parties to a contract. In the context of the given statements, I will evaluate each one:

1. The consideration of love and affection has been deemed insufficient to support a conveyance. This statement is true. Love and affection alone are generally not considered sufficient consideration to support a contract.
2. 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 on both parties. Both sides must provide something of value.
3. Any consideration, however small, will support a promise. This statement is true. Consideration does not have to be of significant value. Even very minor consideration can support a promise.
4. A court will not regulate the amount of consideration in the absence of fraud. This statement is true. Courts generally do not intervene to evaluate the adequacy or fairness of consideration unless there is evidence of fraud.