INSTRUCTIONS:
Each question should be answered in approximately one to two sentences with the number of the answer corresponding to the number of the question.
FACTS:
A man promises his 18 year old nephew at a time when there were no laws prohibiting drinking and gambling under the age of 21 that if his nephew refrained from drinking and gambling until age 21 he would pay him $5,000. The nephew complied with the uncle’s request and when he went to get his $5,000 on his 21st birthday, the uncle suggested that he keep the $5,000 and invest it on behalf of the nephew which the nephew agreed to. Five years later the uncle dies and his executor won’t give the nephew the money because he says there was no legally sufficient consideration exchanged between the uncle and the nephew to support a contract.
Who is the promisor and who is the promisee?
Did the promisor receive a legal benefit?
Did the promisee incur a legal detriment?
Was there legally sufficient consideration?
Would there be legally sufficient consideration today if I made a similar agreement with my 18 year old son regarding drinking?