fair and valuable consideration


fair and valuable consideration
One which is a substantial compensation for the property conveyed, or which is reasonable, in view of the surrounding circumstances and conditions and market value of comparable properties in same vicinity, in contradistinction to an inadequate consideration. Lucas v. Coker, 189 Okl. 95, 113 P.2d 589, 590.

Black's law dictionary. . 1990.

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