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 ?
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.
Johansson cited inadequate price, and threat to industry jobs in Europe and the U.
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 investigation focuses on alleged efforts by certain members of Synovis' board to sell the company to Baxter at an inadequate price through an unfair process which significantly undervalues the company.
On the left, unions and other groups said the bill gave too much power to insurance groups and provided inadequate price protections for consumers.
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.
The plan was abandoned when TMM shareholders voted against the deal, in part because of what they felt was an inadequate price offer by KCS (see SourceMex, 2003-08-27).
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.