This situation between Kathryn and her uncle Howard is a tough one. First of all, Kathryn’s uncle Howard promised her $10,000 if she graduated from Cowley County Community College with a 3.0 GPA minimum and then backed out and told her he only said it to motivate her to make it through college. Kathryn did graduate from Cowley County Community College and she also managed to graduate with a GPA higher than what he said she needed to have in order to get the $10,000. I believe that in this situation Kathryn’s uncle Howards promise to pay the $10,000 is not a binding contract. According to the Free Advice Legal website, a binding contract has the essential elements of a contract but requires capacity and legal purpose. The essential elements of a contract are mutality of obligation (comprised of
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Since a binding contract has to have capacity and legal purpose in this situation it is not a binding contract because there is no legal purpose. There is no way that this situation could ever be considered a binding contract. It is wrong that Kathryn’s uncle Howard did that to her, but there is nothing that she can do other than talk to him about it.
In the book it talks about consideration which is, the value given in return for a promise or performance in a contractual agreement. A consideration is broken down into two parts, the first part is something of legally sufficient value must be given in exchange for the promise. Some examples of “something of legally sufficient value” is a promise to do something that one has no prior legal duty to do, the performance of an action that one is otherwise not obligated to undertake, and the refraining from an action that one has a
Since a binding contract has to have capacity and legal purpose in this situation it is not a binding contract because there is no legal purpose. There is no way that this situation could ever be considered a binding contract. It is wrong that Kathryn’s uncle Howard did that to her, but there is nothing that she can do other than talk to him about it.
In the book it talks about consideration which is, the value given in return for a promise or performance in a contractual agreement. A consideration is broken down into two parts, the first part is something of legally sufficient value must be given in exchange for the promise. Some examples of “something of legally sufficient value” is a promise to do something that one has no prior legal duty to do, the performance of an action that one is otherwise not obligated to undertake, and the refraining from an action that one has a