Which of the following statements is not true of consideration for performance of a contract?

Question

Quizplus · Accepted Answer

Consideration does not necessarily have to represent a fair or adequate price for the subject matter of the contract. It simply needs to be something of value that is exchanged between the parties, whether it be goods, services, money, or even a promise to do or not do something. However, if the consideration is grossly disproportionate to the value of the subject matter, it may be considered unconscionable and the contract could be found to be unenforceable.

Which of the Following Statements Is Not True of Consideration