elements for a valid contract
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Gerard, an events promoter and coordinator, promises to stage a concert for the benefit of Kids Care, a charitable organization dedicated to helping disadvantaged youth. In reliance on the anticipated receipts, Kids Care contracts for the construction of a residence for homeless teens. After the concert, Gerard tells Kids Care that he has decided not to donate the receipts to the organization.
Is Gerard's promise enforceable despite the lack of consideration? Explain.
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Solution Summary
This solution analyzes elements for a valid contract. And discusses how they pertain to the given case.
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The elements for a valid contract are: meeting of the minds, offer, acceptance and consideration. There is no valid contract here because all the elements are not met; there has been no consideration given. Although there is no consideration present in this case, the ...
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