Which of the following best describes the rule that consideration 'must be sufficient but need not be adequate'?

Correct answer: C) The consideration must have some value recognised by law, but the courts will not assess whether the bargain is a fair one

Explanation

The courts do not judge the adequacy of a bargain; they only require that the consideration has some legal value. In Chappell v Nestle chocolate wrappers were held to be part of the consideration even though they were of trivial value to the defendant. Consideration need not be money, and consideration provided before the promise is usually past consideration and invalid.