During the gold rush, John Goldstein bought an Alaskan mine. A court declared him insane and institutionalized him. Four year later Goldstein emerged to learn that gold had been discovered in his mine but, but court appointed guardian had already sold it. He called on his lifelong friend, Embola: “if you will give me $50 so I can go to Alaska, I will pay you $ 10,000 when I win my property back.” Embola accepeted the offer, advancing the $50. Goldstein won back his mine but when he asked his guardian to pay Embola the promised $ 10,000, the guardian refused. The guardian argued there was insufficient consideration. Embola sued. Was $50 adequate consideration to support Goldstein’s promise of $ 10,000? Yes, NO? why?

Answer rating: 100% (QA)

A consideration is a promised value property money or act in return for something A cons... View the full answer