"Steve Foley" wrote in message
...
Back in the 1970s, I sat in on a few business law classes. I think I remember
that a contract must be fair to both sides. Being forced to sell a plane below
market value doesn't sound 'fair' to me.

I also sat through Business Law, I remember no requirement that the deal
must be fair to both sides The main requirement is that both sides freely agree
to the contract (an offer and an acceptance) and that valuable consideration
changes hands. I found the following which is pretty close:

"In English-derived common law legal systems (such as that of the USA), the
required elements a

a.. Agreement:
a.. Offer. This entails:
a.. Quantity (what is being exchanged)
b.. Time (when the contract must be performed)
c.. Identification of parties
d.. Price
e.. Subject matter (what is the person making the offer willing to give)
(Additionally, there must be serious intent to enter into a bargain, and
certainty and definiteness of terms.)
b.. Acceptance. This entails:
a.. Serious intent to be bound.
b.. Communication to offeror.
(Offer and acceptance jointly establish privity of contract.)
b.. Consideration.
c.. Capacity (of offeror and offeree).
d.. Lawful purpose.
e.. Genuineness of assent (no fraud, duress, undue influence).
f.. Form (i.e., some kinds of contract must be of written form). "