Replies to post #25331 on Cal-Bay International Inc (CBYI)

[MattAntonino]

first of all, I'm not a lawyer but I know some law. Here - I'm moving forward for ya:

SAMUEL WILLISTON & GEORGE THOMPSON, SELECTIONS FROM WILLISTON’S
TREATISE ON THE LAW OF CONTRACTS § 64, at 77 (rev. ed. 1938).

the doctrine of nominal consideration has always allowed courts to undo a transaction when the
value given is insufficient to support an inference of real bargain.
---

State of Vermont:
(a) Nominal consideration. A transfer for nominal consideration occurs when the sales price of the real property is significantly less than its fair market value.
www.state.vt.us/tax/pdf.word.excel/legal/regs/19601.pdf

So that's 1938 and 1979. 79 is pretty recent. I don't have a subscription to Lexus or Westlaw so it takes me awhile. lol