Question
This was a case from 1891. William E. Story, Sr., was the uncle of William E. Story II. In the presence of family members and
This was a case from 1891. William E. Story, Sr., was the uncle of William E. Story II. In the presence of family members and guests invited to a family gathering, the elder Story promised to pay his nephew $5,000 if he would refrain from drinking, using tobacco, swearing, and playing cards or billiards for money until he reached the age of twenty-one. (Note that in 1869, when this contract was formed, it was legal in New York to drink and play cards for money prior to the age of twenty-one.) The nephew agreed and fully performed his part of the bargain. When he reached the age of twenty-one, he wrote and told his uncle that he had kept his part of the agreement and was therefore entitled to $5,000. The uncle replied that he was pleased with his nephews performance, writing, I have no doubt but you have, for which you shall have five thousand dollars, as I promised you. I had the money in the bank the day you were twenty-one years old that I intend for you, and you shall have the money certain. . . . P.S. You can consider this money on interest. The nephew received his uncles letter and thereafter consented that the money should remain with his uncle according to the terms and conditions of the letter. The uncle died about twelve years later without having paid his nephew any part of the $5,000 and interest. The executor of the uncles estate (Sidway, the defendant in this action) did not want to pay the $5,000 (with interest) claiming that there had been no valid consideration for the promise. Does this appear to be legal consideration according to Chapter 15? Why or why not? Do you think this definition of consideration helps protect parties?
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