I'm reading the Aspen E & E on Contracts. A consideration is a promise or act that has been given in exchange for the return promise or performance. The promisee must suffer some form of legal detriment for a consideration. This legal detriment can be an immediate act, forebearance, or partial/complete abandonment of a right. IT could also be a promise to act, forbear, or abandon a right.Here is my question. I am unsure why the following example is not considered a consideration (no pun intended) but rather a condition of a giftAl Imnus promises to donate $10,000 to his alma materand specifies that his money be allocated to the college's scholarship program. The college accepts the promise and agrees to use the funds as specified. The E & E states this is not a consideration because the promise is not a legal detriment. At the time of the promise, Al has not handed over the money to the college, and the college has no right to Al's money. Therefore it does not forbear on any legal right that it has on the time of payment.My supposition is that the school is promising to forbear from using his money in any other manner than for the scholarships. So is there future promise to give up a right to spend the money as they so choose a detriment?
Page created in 0.168 seconds with 17 queries.