There are two types of consideration:
1. Valuable consideration is the money or a promise of something that can be measured in terms of money.
2. Good consideration is a promise that cannot be measured in terms of money,such as love and affection.
Either type of consideration is sufficient to enforce a contract. The law generally does not concern itself with the relative fairness of consideration. What is exchanged need not have the same measurable value. The law will determine that the parties thought the consideration to be fair because they freely agreed to the exchange.
Information courtesy of Rowlett Real Estate School LLC www.rowlettrealestateschool.com
For more information visit our website or call Captain Wayne Rowlett at 850-547-1333