Chapter 3 - Conditional Gifts Flashcards
what is a conditional gift
an agreement where the promisor intends to give a gift but the promisee must perform an action (or forbearance) in order to receive the benefit of the gift.
when is consideration a detriment?
when detriment was part of a bargain
what is the result of a condition
a detriment
what determines whether a condition constitutes a detriment
motives of the parties
when is a contract legally enforceable regarding detriment
when detriment was part of the bargain (when detriment is consideration)
when is a contract not legally enforceable regarding a detriment
if detriment was not part of the bargain
what do courts call an unenforceable contract with a condition?
a gratuitous promise
what is a condition
an event that must occur to trigger some legal effect or outcome
what is an event
the uncertain occurrence of something that is not within the control of the promisor
what two concepts are paired to make a conditional gift
gratuitous promise and conditon
what is the difference between a conditional gift and a gratuitous promise
lies within the condition; if condition requires promisee to take action or forbearance, it’s a conditional gift.
if promise is truly for a gift, there is no consideration and promise is unenforceable as a contract
when does a detriment occur
when a legal right is waived
what two requirements make consideration
a bargained for exchange
and that which is exchanged has legal value
when can a promisor revoke a promise?
if the conditional gift is executory (hasn’t been done yet)
when is a conditional gift executory
if the gift is still in promisor’s possession
or
condition has not occurred
