Batsakis v. Demotsis
Facts: Parties signed a contract that Plaintiff would lend Defendant $2,000 and Defendant would repay the $2,000 with interest. In reality, the agreement was that Plaintiff would only give $25 but still receive $2,000. The money loaned was paid in drachmae, in the country of Greece.
Proc. Hist.: Lower court ruled that defendant must pay restitution cost.
Issue: Does a bargain of $25 traded for $2000 qualify for consideration?
Arguments: Defendant argued that there was no consideration, so contract was void.
Holding: Contract has consideration, is enforceable.
Reasons: Mere inadequacy of consideration will not void a contract. Defendant got exactly what she contracted for.
Judgment: Reformed and affirmed. Defendant to pay $2,000 plus interest.