Business Law- Consideration Discussion
No less than 150-word paper APA Format including an abstract page.
- 1. Was Presley’s promise to pay the mortgage enforceable against the estate?
- 2. Why or why not? Be sure to support your conclusion with facts, definitions, and/or examples.
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.