from
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.