n6 Nominal consideration is sufficient to support a written option contract if it proposes an exchange on fair terms within a reasonable time. Restatement (Second) of Contracts § 87(1)(a) & cmt. b.  The fact that the nominal consideration recited in the contract was not in fact paid does not invalidate an option agreement under these particular circumstances. Id. However, while the exchange proposed in the 1989 option agreement was arguably on fair terms at the time it was executed, sufficient time has elapsed to render it an unfair exchange. It is uncontroverted that the option price in the 1989 agreement is substantially less than the present value of the trust's 770 shares. Therefore, the 1989 option agreement cannot be enforced absent the timely payment of the recited nominal consideration.