In a landmark case, William E. Story told his nephew in March 1869 that if the nephew
Question:
In a landmark case, William E. Story told his nephew in March 1869 that if the nephew “would refrain from drinking liquor, using tobacco, swearing, and playing cards or billiards for money” until he turned 21 years old, then he would give him \($5,000.\) The nephew agreed and did not partake in any of the listed activities. In the days following his 21st birthday, the nephew and uncle corresponded by letter. The uncle acknowledged that he owed the \($5,000\) but the two agreed that the uncle would keep the money, with interest, until the nephew was older. The uncle died and the nephew sued the estate for the money. The estate claimed that there was no contract because there was no consideration. Who won and why?
Step by Step Answer:
The Legal And Ethical Environment Of Business
ISBN: 9781454893028
2nd Edition
Authors: Gerald R. Ferrera, Mystica M. Alexander, William P. Wiggins, Cheryl Kirschner, Jonathan J. Darrow