Asked by shakif seymour on Jun 21, 2024
Verified
Which of the following will be legally binding on all parties despite lack of consideration?
A) An irrevocable oral promise by a merchant to keep an offer open for 60 days.
B) A promise to donate money to a charity,which the charity relied upon in incurring large expenditures.
C) A promise to pay for the college education of the child of a person who saved the promisor's life.
D) A signed modification to a contract to purchase a parcel of land.
Irrevocable Oral Promise
A spoken commitment that cannot be canceled or revoked, legally binding under specific circumstances.
Legally Binding
Referring to an agreement or contract that is enforceable by law, obligating the parties involved to fulfill their respective parts of the agreement.
Promise to Donate
A commitment made by an individual or entity to give a gift, often monetary, to a nonprofit or charitable organization.
- Apprehend the judicial implications of vows taken with ethical intentions or for social good, devoid of conventional consideration.
Verified Answer
CF
carli fulcherJun 27, 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
- Apprehend the judicial implications of vows taken with ethical intentions or for social good, devoid of conventional consideration.