Question
Hal has an expensive sports car which he bought last year. It was recently valued at $250,000. He has gotten himself in financial trouble and
Hal has an expensive sports car which he bought last year. It was recently valued at $250,000. He has gotten himself in financial trouble and needs to find $25,000 by the end of the day. He posts an ad to sell the car. Kyle agrees to buy the car. Which of the following is true?
A) There was inadequate consideration
B) Kyle must increase the price to a reasonable level for the contract to be enforceable
C) A judge would consult fair market value and determine if the price were sufficient
D) The consideration was sufficient
E) Because the price is so low, the contract is not fair to Hal and is not binding
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