Name and Describe the Three Planes or Body Sections

question 153

Essay

Name and describe the three planes or body sections.

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Definitions:

Valid Consideration

An essential element in the formation of a contract, referring to something of value (such as goods, services, or money) exchanged by the parties that induces them to enter into the agreement.

Illusory Consideration

An apparent promise or agreement that lacks a real commitment and therefore does not form a binding contract.

Adequacy of Consideration

An evaluation of whether something of legally sufficient value has been given in exchange for a promise or action, as part of a contract.

Fair Market Value

An estimate of the market value of a property, based upon what a knowledgeable, willing, and unpressured buyer would probably pay to a knowledgeable, willing, and unpressured seller in the market.