Asked by Katlin Briggs on Jun 15, 2024
Verified
Which of the following is an exception to a consideration requirement?
A) Bargained-for exchange
B) Charitable subscription
C) Nominal consideration
D) Adequacy of consideration
Consideration Requirement
In contract law, this is a necessary element that refers to something of value promised in exchange for a specific action or non-action.
Charitable Subscription
A commitment to donate a specified amount of money to a charity or non-profit organization.
- Comprehend the concept of promissory estoppel and its deviations from the consideration necessity.
Verified Answer
BC
Business ChemicalsJun 16, 2024
Final Answer :
B
Explanation :
Promises to make gifts for charitable or educational purposes are often enforced,despite the absence of consideration,when the institution or organization to which the promise was made has acted in reliance on the promised gift.
Learning Objectives
- Comprehend the concept of promissory estoppel and its deviations from the consideration necessity.
Related questions
A Reaffirmation Promise Has to Be Made Prior to the ...
Which of the Following Is an Element of Promissory Estoppel ...
What Are the Required Elements of Promissory Estoppel? If These ...
As Discussed in the Case in the Text,McLellan V ...
In Order to Assert the Doctrine of Promissory Estoppel, Which ...