ACCT352 Lecture 6: Chapter 13:14 REVIEW

• School: University of Delaware
• Department: Accounting
• Course: ACCT352
• Professor: Alexander Virgil

Document Summary

Gift promises, illusory promise, preexisting duty, past consideration: please prepare case briefs for: In this case, the petitioner, drexel university, commenced the proceeding to enforce a pledge agreement executed by raymond p. wirth less than two months before his death. The pledge agreement stated that in consideration of the decedent"s interest in education and intending to be legally bound the decedent. Irrevocably pledged and promised to pay drexel the sum of ,000. Written obligations statute, the pledge agreement does not fail for lack of consideration, as the decedent expressly stated his intent to be legally bound by his pledge. Even if we were to determine that the decedent anticipated consideration in return for his promise, there was no failure of consideration . Pursuant to the terms of the pledge agreement, drexel provided sufficient consideration by expressly accepting the terms of the pledge agreement and by promising to establish the scholarship fund in the decedent"s name.