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Unformatted text preview: ,000, in exchange for Junior’s promise to refrain from smoking
until he reaches the age of 21. This agreement is:
not binding, because Junior has not conveyed any legal value to Dad.
not binding, because refraining from smoking is inadequate legal value for $100,000.
not binding, because there is no genuine bargained-for exchange here.
binding, if all the other elements of a contract are present, because there is consideration here.
192. Dad wants to give his daughter, Priscilla, a new BMW 540i (worth perhaps $50,000) upon her
graduation from high school. Priscilla says: “Let’s make it a contract, Dad.” So Dad promises
to give Priscilla 540i when she graduates, in exchange for Priscilla’s promise to pay Dad $1.
There is no contract here. Why?
Because $1 is inadequate consideration for a $50,000 automobile
Because Priscilla’s promise is illusory
Because a genuine bargained-for exchange is not present here
Because Dad is making a promise to perform a pre-existing legal obligation.
193. Dan D...
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This test prep was uploaded on 03/29/2014 for the course BUL 3130 taught by Professor Schupp during the Fall '12 term at UNF.
- Fall '12
- The Lottery