Module 4 In Class Discussion - Binding Contracts
Question: This discussion is based on the following scenario: Scenario Grandma Pearl was sitting around the dinner table with her entire family on Sunday evening when she announced, "I'm going to leave all of you $10,000 respectively." The entire family screamed with jubilation, "We accept!" Everyone was elated and jumped and screamed for joy! Her grandson Jake was especially happy and announced to all of his friends at school. Her granddaughter Tiffany was also happy because now she could buy her books for college. Grandma Pearl immediately gave her granddaughter Tiffany the $10,000. Upon checking her retirement and assets statements, Grandma Pearl realized that she'd lost too much money in the stock market and could no longer afford to give any more money. Although she intended to still pay Jake, she reluctantly called a family meeting and recanted her promise to pay the other grandchildren the $10,000. Grandma Pearl took a nap and passed away peacefully in her sleep before she paid Jake his $10,000. Jake asked his attorney whether he could claim against Grandma Pearl's estate for breach of contract and recover the $10,000. Get Ready! To prepare for this Discussion: Review the material in your textbook for Module 4. Review the supplemental resources for Module 4. Gather research beyond provided course materials to support your initial response. Cite your research, in-text, using APA formatting as applicable. When relevant, support statements by including prior knowledge, work experiences, references, websites, resources, etc. Discussion question During class, we will discuss whether Grandma Pearl's promise was a binding contract. Why or why not?
The case of Granny Pearl giving each of the grandchildren a promise of giving them 10,000 dollars is not likely to be a binding contract. Consideration is one of the major components of a contract; something of value that is either given or received by the parties (Twomey et al., 2022). In this instance, the grandchildren did not make any promise or act to secure the promise of Grandma Pearl hence there was no exchange. The modern contract theory claims that a promise of a gift without bargain cannot be enforced since it lacks the consideration (Markovits, 2021).
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