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AICPA每日一练之REG【2016-4-12】

2016-04-12 高顿网校


Which of the following will be legally binding on all parties despite lack of consideration?
 
A. An irrevocable oral promise by a merchant to keep an offer open for 60 days.
 
B. A promise to donate money to a charity which the charity relied upon in incurring large expenditures.
 
C. A promise to pay for the college education of the child of a person who saved the promisor’s life.
 
D. A signed modification to a contract to purchase a parcel of land.
 
Answer:B
 
This answer is correct. A promise to donate money to a charity which the charity relied upon in incurring large expenditures is a situation involving promissory estoppel. Promissory estoppel acts as a substitute for consideration and renders the promise enforceable. The elements necessary for promissory estoppel are (1) detrimental reliance on a promise, (2) reliance on the promise is reasonable and foreseeable, and (3) damage results (injustice) if the promise is not enforced.




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