What type of consideration is described as having identifiable value, but not necessarily being adequate?

The type of consideration described as having identifiable value but not necessarily being adequate is token consideration. Token consideration refers to a nominal value exchanged in a contract, often to fulfill the legal requirement that consideration must be present for a contract to be enforceable.

This concept emphasizes that while the consideration may be very small or insignificant in terms of its actual value, it still serves the purpose of creating a binding agreement between the parties. For example, a person may give one dollar as consideration for a piece of property worth thousands of dollars. In such cases, even though the consideration is insufficient in real-world value, the presence of consideration is enough to support the enforceability of the contract.

Minimal consideration typically suggests a very small exchange but doesn't capture the essence of being identifiable. Gross consideration might imply a more substantial or exaggerated exchange but lacks the specificity required to be identified as nominal. Sufficient consideration generally indicates an adequate exchange that equates to the value of the promise, which does not align with the notion that the consideration in question may not be adequate.