inadequate pric

1 definition found

inadequate pric - Bouvier's Law Dictionary, Revised 6th Ed (1856) :

  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 fulfill 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, particularly' when 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.