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in todays lecture will examine the concept of nominal consideration nominal consideration is the payment of a very small sum such as $1 to satisfy the contracts consideration requirement as we will see while many courts reject the idea that nominal consideration is sufficient for a contract the issue remains very contentious first lets take a look at the basic argument for why nominal consideration should be sufficient for a contract its well established that courts usually refrain from judging the fairness of the bargain that the parties have struck in other words courts dont inquire into the adequacy of consideration whether the kwid was roughly the same value as the quo in a quid pro quo arrangement under a strict reading of this rule payment of a very small sum should be enough to satisfy the consideration requirement the approach this kind of approach was first advocated by the first Restatement Restatement of contracts which said a promise to pay $1 in exchange for a piece o