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Fair Market Value
The price at which property would sell for on the open market between a willing buyer and a willing seller, both having reasonable knowledge of the relevant facts.
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.
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