What is required for a consideration to be deemed good?

For consideration to be deemed good in the context of contract law, it must have some value, regardless of its adequacy. This means that the law recognizes that any form of consideration that can be measured in value is sufficient to support a contract, even if it is not equal to the value of the promise made.

This principle is grounded in the idea that a contract does not need to be a fair exchange; it only requires that something of value is given in return for the promise. For instance, a contract where one party offers a service valued at $10 in exchange for a product valued at $5 is still valid, as the consideration (the service) holds value.

Other considerations, like adequacy, timing of performance, or being monetary, do not affect the legal recognition of consideration as good. Thus, the focus on value illustrates a critical aspect in contract law, emphasizing the importance of recognizing diverse forms of consideration while allowing parties the freedom to negotiate terms that may not reflect an equal exchange.