Inadequate price

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.

References in periodicals archive ?
In my opinion, the proposed 'go-private' transaction is wholly unfair to minority shareholders, both those small holders being offered an inadequate price of $52.
However, the broader market continues to include terrorism coverage with what Validus considers an inadequate price.
Shortly thereafter, two complaints were filed by ATMI stockholders against the Board, ATMI, and Entegris in the Connecticut Superior Court, alleging, among other things, that the Board had breached its fiduciary duties of care and loyalty by agreeing to sell the company for an inadequate price and pursuant to an inadequate sale process and by failing to disclose material information to ATMI stockholders concerning the merger.
Yet, the ship is in good condition, said CEO of the CTN, Jamel Gamra and not to be sold at an inadequate price, especially since it is, according to many Tunisians, a precious heritage and a symbolic property of Tunisia.
The only mandate for the nominees put forward by Astellas is to support its goal of "acquiring OSI at an inadequate price," OSI said in a statement.
Explanations of the major phrases and tasks in contracting offer a focus on deficiencies, failures, violations, and inadequate price or cost analysis--common issues--and provide newcomers to government acquisition processes with keys to strong federal acquisition processes.
When a mortgagee's innocent mistake caused foreclosed property to be sold at a grossly inadequate price, the foreclosure sale must be set aside to prevent injustice, according to the District Court of Appeal of Florida.
Chairman Chris Gibson-Smith said: "For the second time this year, Nasdaq is offering a wholly inadequate price for the company and shareholders should reject the offer.
BIL's offer significantly undervalues Thistle and the board of Thistle urges shareholders to continue to reject this attempt to acquire Thistle at a wholly inadequate price,' said Mr Newbigging.
At a time when dairy farmers are almost on their knees because of the inadequate price they get for their product, it is vital to push sales of milk wherever we can.
The lawsuits allege IBP directors breached their fiduciary responsibility by agreeing to sell IBP at an inadequate price.
In this case, because the property was sold for a shockingly inadequate price, coupled with the mistake made by the referee and the mortgagee as to the cancellation of the sale, equity and fairness demands that the foreclosure sale be vacated and set aside.