3 Factors Used to Determine Whether a Transaction Is Fair
In Collins v. Nugent, 110 Ill. App. 3d 1026, 1036, 443 N.E.2d 277, 284, 66 Ill. Dec. 594 (1982), the court held that important factors in determining whether a particular transaction is fair include a showing by the fiduciary:
(1) that he has made a free and frank disclosure of all the relevant information which he had;
(2) that the consideration was adequate;
(3) that the principal had competent and independent advice before completing the transaction. Collins, 110 Ill. App. 3d at 1038, 443 N.E.2d at 285.