Twenty years after you leave college you are rich and famous. Your college calls on you for a $5 million gift to renovate a classroom building and name the building in your honor. You tell them you will be glad to give the gift because you learned so much and that is why you are successful. A year later the building is renovated and the college asks for the money. You decide to spend it on a new jet and tell the college to get stuffed. You:
A) do not have to pay the money, promises of gifts do not create contracts
B) do not have to pay the money unless your promise was in writing and for a specific date
C) have to pay an amount equal to how much has been spent on the renovation work to date, not the full amount
D) have to pay the money under the rule of unliquidated debt
E) probably none of the other choices

Question

Quizplus · Accepted Answer

This scenario involves a promise of a gift, which generally does not create a legally binding contract unless certain conditions are met, such as reliance on the promise to the detriment of the promisee. The correct answer depends on specific legal principles and facts not fully detailed here, such as whether the college relied on the promise to their detriment or if there was any form of written agreement. However, none of the provided choices accurately capture the complexity of potential legal obligations in such scenarios, making E the most appropriate choice.

Twenty Years After You Leave College You Are Rich and Famous