ADEQUATE CONSIDERATION - The fair value of an asset as determined in good faith.
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: a rule in estate tax law: the value of a property interest that passes to a surviving spouse may not be deducted if it passes from the surviving spouse to another person for less than adequate consideration upon the happening of some event ( ...
2. In these cases frequently the mere relation, of the parties will give effect to bargains otherwise without adequate consideration. 1 Chit. Pr. 67 1 Turn. & Russ. 13.
In reverting to the earlier law, and allowing shares to be paid for in any adequate consideration, the legislature has, however, exacted a safeguard.
 See also: Attorn, Consideration, Law, Attorney, Court
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