This section is from the book "The Law Of Contracts", by William Herbert Page. Also available from Amazon: Commercial Contracts: A Practical Guide to Deals, Contracts, Agreements and Promises.
What amounts to inadequacy of consideration, and what is the effect of inadequacy of consideration, when it is found to exist, are questions which are discussed in connection with the topic of consideration.1 In this connection it may be noted that mere inadequacy does not of itself make a contract unenforceable at law, nor is it ground for rescission or cancellation in equity. It may, however, be so gross as to show imposition; and thus to make the contract unenforceable at law, as being unconscionable, or to induce equity to grant rescission on the theory that the inadequacy is so extreme as to show fraud or mistake. Between these two extremes of inadequacy is the inadequacy which may, in some of its more exaggerated forms, induce equity to refuse specific performance.2