Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Bill is 2 5 years old. His uncle had promised in writing to pay him $ 2 , 0 0 0 if Bill would refrain

image text in transcribed
Bill is 25 years old. His uncle had promised in writing to pay him $2,000 if Bill would refrain from drinking alcohol for one year. Bill refrained from drinking alcohol for one year. However, his uncle now refuses to pay Bill as agreed-upon. The uncle claims that because Bill suffered no detriment by refraining from alcohol, his non-drinking does not constitute legal consideration and therefore no contract was formed. If Bill sues his uncle, Bill will:
win because Bill had a legal right to drink alcohol.
lose because consideration must have monetary value.
win because no consideration is needed in this contract.
lose because refraining from an action can never be considered legal consideration.
image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting Tools for Business Decision Making

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine

5th Canadian edition

978-1118024492

More Books

Students also viewed these Accounting questions