Raymond P. Wirth signed a pledge agreement which stated that in consideration of his interest in education and “intending to be legally bound,” he irrevocably pledged and promised to pay Drexel University the sum of $150,000. The pledge agreement provided that an endowed scholarship would be created in Wirth’'s name. The pledge agreement stated: “I acknowledge that Drexel's promise to use the amount pledged by me shall constitute full and adequate consideration for this pledge.” Wirth died two months after signing the pledge but before any money had been paid to Drexe!. When the estate of Wirth refused to honor the pledge, Drexel sued the estate to collect the $150.000. The estate alleged that the pledge was unenforceable because of lack of consideration. Is the pledge agreement supported by consideration and therefore enforceable against the estate of Wirth? /n the Matter of Wirth. 14 A.D.3d 572, 789 N.Y.S.2d 69, Web 2005 N.Y. App. Div. Lexis 424 (Supreme Court of New York, Appellate Division)

Answer rating: 100% (QA)

Case related to Consideration In the Matter of W Fact of the case W signed a pledge that ... View the full answer