Reference no: EM133596405

Question: Assume Agnes purchases a car from Tomiko, a good friend. Agnes pays $1,500 for the car, but later she checks Kelly's Blue Book (a book or guide where the editors of the book evaluate the fair market value of cars/trucks based on the make, model, year, mileage, extras on the vehicle) value of the car, and it turns out the car is only worth $800 Blue Book value. May Agnes successfully sue Tomiko and set aside the contract (or perhaps get a return of $700 from Tomiko) based on the adequacy of consideration or lack of adequacy of consideration in this case? Explain the rule regarding adequacy of consideration and whether Agnes wins.