Explanation:

- The statement says: "Mere inadequacy of consideration is no ground for specific performance of a contract."

- In law, especially under the Specific Relief Act, mere inadequacy of consideration does not make a contract unenforceable for specific performance, unless there’s evidence of fraud, undue influence, or coercion.

- The law allows contracts to stand even if the consideration seems inadequate, as long as there is free consent.

- So, the correct answer is Option:1, True.

- Option:2 (False) is incorrect, as inadequacy alone is not a ground to refuse specific performance.

- Option:3 (Partly Correct) and Option:4 (None of the above) do not fit.