Executory Gift Enforceability

Summary

An executory gift refers to a promise to give something in the future that hasnt yet been fulfilled. If a promise to give such a gift is made voluntarily and without any consideration (something exchanged for the promise), it is generally unenforceable in law. In the scenario with the antiques store, the agreement between the Buyer and Dealer is considered an executory contract, as it involves a promise for future performance. Since the Buyer revoked the offer before any payment or consideration was exchanged, the promise to purchase the mirror can be unenforceable. Consideration is required to make a promise legally binding. For further clarification or specific legal advice, consulting with a local attorney may be beneficial.

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Antiques store selling a mirror. At *.* pm on a Saturday, a minute before closing until Monday, Buyer walks in and says, “I’ll take that mirror.” ◼ Dealer says, “Cool, come pick it up Monday.” ◼ At * am on Monday, Dealer comes in as the phone is ringing, Buyer tells him he doesn’t want the mirror. solve this
In this scenario, the agreement between the Buyer and Dealer is considered an executory contract, as it involves a promise for future performance (picking up and paying for the mirror). Key points to consider:
- Offer and Acceptance: Buyer made an offer ("I'll take that mirror") and Dealer accepted ("Cool, come pick it up Monday").
- Consideration: There is no clear indication of consideration (payment or something of value exchanged) by the Buyer at the time of the offer.
- Revocation: Buyer can revoke the offer before acceptance if there is no consideration.
Since the Buyer revoked the offer before any payment or consideration was exchanged, the promise to purchase the mirror can be unenforceable.
For further clarification or specific legal advice, consulting with a local attorney may be beneficial.
◼ Antiques store selling a mirror. At *.* pm on a Saturday, a minute before closing until Monday, Buyer walks in and says, “I’ll take that mirror.” ◼ Dealer says, “Cool, come pick it up Monday.” ◼ On Sunday Dealer crates the mirror, puts in safeguards so that the mirror won’t get damaged when Buyer picks it up. ◼ At * am on Monday, Dealer comes in as the phone is ringing, Buyer tells him he doesn’t want the mirror.
In this situation, the agreement between the Buyer and Dealer is considered an executory contract, as it involves a promise for future performance (picking up and paying for the mirror). Here are key points to consider:
- Offer and Acceptance: Buyer made an offer ("I'll take that mirror") and Dealer accepted ("Cool, come pick it up Monday").
- Consideration: There is no clear indication of consideration (payment or something of value exchanged) by the Buyer at the time of the offer.
- Revocation: Buyer can revoke the offer before acceptance if there is no consideration.
Since the Buyer revoked the offer before any payment or consideration was exchanged, the promise to purchase the mirror can be unenforceable. For further clarification or specific legal advice, consulting with a local attorney may be beneficial.