What is “Consideration” and How Much is Required?
Generally, the courts will not reform a contract because one party made a bad bargain. Consideration is the value bargained for by the parties, and most decisions indicate there is no reason to inquire into a party’s motivation for giving another party an incredible deal. In a famous legal quote, a single peppercorn was considered adequate consideration. Having said that, consideration must meet other requirements. The consideration must be an exchange for the bargain in question; past consideration is no good.
