One of the essential ingredients of contract is consideration. Promises without consideration are not enforceable at law.
Promises for gifts are not enforceable as contracts for want of consideration.
People prefer to have even transfers in the nature of a gift for a token consideration in the garb of sale. The purpose is to confer the benefit of protection of a contract to such a transaction.
The question of adequacy of consideration is left entirely to the discretion and volition of the parties. On the point of consideration choice of the parties is final and not liable to be interfered with by the courts, as long as there is no undue influence, coercion or fraud.
