Application: Considering Elvis
Consideration is something of legal value that each party gives to the contract to bind the agreement. Read and think about the following short case:
Elvis Presley, a well-known singer and entertainer, was a wealthy person. When engaged to Ginger Alden, he promised Alden's mother, Jo Laverne Alden, to pay off the remaining mortgage debt on the Alden home. However, Presley died before he had the chance to pay off the mortgage. The legal representative of Presley's estate refused to follow through on the promise to pay the mortgage debt amounting to around $40,000. Jo Laverne Alden sued the Presley estate to enforce Presley's promise.
Based on the information that you have learned in the reading that you have done, write a 250-word paper that answers the following questions about the situation described above:
Was Presley's promise to pay the mortgage enforceable against the estate?
Why or why not? Be sure to support your conclusion with facts, definitions, and/or examples.
Support your work with proper APA citations from the Learning Resources and any other sources.