Definition of INADEQUATE PRICE


INADEQUATE PRICE

This term is applied to indicate the want of a
sufficient consideration for a thing sold,or such a price as,
under ordinary circumstances, would be considered insufficient.

2. Inadequacy of price is frequently connected with fraud, gross
misrepresentations, or an intentional concealment of the defects in
the thing sold. In these cases it is clear the. vendor cannot
compel the buyer to fulfil the contract. 1 Lev. 111; 1 Bro. P. C.
187; 6 John. R. 110; 3 Cranch, 270; 4 Dall. R. 250; 3 Atk. 283; 1
Bro. C. C. 440.

3. In general, however, inadequacy of price is not sufficient
ground to avoid a contract, particularlywhen the property has
been sold by auction. 7 Ves. jr. 30; 3 Bro. C. C. 228; 7 Ves. jr.
35, note. But if an uncertain consideration, as a life annuity,
be given for an estate, and the contract be executory, equity, it
seems, will enter into the adequacy of the consideration. 7 Bro.
P. C. 184; 1 Bro. C. C. 156. Vide. 1 Yeates, R. 312; Sugd. Vend.
189 to 199; 1 B. & B. 165; 1 M Cord s Ch. R. 383, 389, 390; 4
Desaus. R. 651. Vide Price.

Source: Bouviers Law Dictionary 1856 Edition

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