Which of the following statements is not true concerning consideration?

Question

Quizplus · Accepted Answer

Consideration must be legally sufficient, but it need not be adequate. Adequacy refers to the fairness or reasonableness of the consideration, while sufficiency refers to whether there is a bargained-for exchange. Additionally, promissory estoppel can serve as a substitute for consideration if certain elements are met. However, there is no requirement that the price paid for a promise be a fair price.

Which of the Following Statements Is Not True Concerning Consideration