[1] According to scholars, the apparent contract made between the two parties would most likely have resulted in punishment or even death at the hands of the German occupiers as a black market transaction.
The following is an English translation of the letter: Piraeus - April 2, 1942 Mr. George Batsakis Konstantinou Diadohou #7 Piraeus Mr. Batsakis: I state by my present (letter) that I received today from you the amount of two thousand dollars ($2,000.00) of United States of America money, which I borrowed from you for the support of my family during these difficult days and because it is impossible for me to transfer dollars of my own from America.
Demotsis.What she actually received however was 500,000 Greek drachmae, which had a market exchange value of approximately $25 at the time of the execution of the contract on account of massive hyperinflation.
The Court of Appeals reasoned that the consideration given by Demotsis for Batsakis's promise of 500,000 drachmae could not be considered inadequate under state law as she had received "exactly what she contracted for."
The appellate court noted that, in common law systems including the American system, courts generally review the legal sufficiency of the consideration in a contract but have historically refused ordinarily to inquire into the adequacy of the consideration, whether the transaction was generally a fair or equivalent exchange.