Suppose instead the man’s neighbor, who is not a public servant, sees the man dangling from his 4th floor patio. The neighbor springs into action, busting down the man’s door and pulling him to safety from the patio. In gratitude, the man promises to Venmo his neighbor $50,000 for saving him. Is that promise enforceable? a) No, because a promise made on account of something that the promisee has already done is not enforceable b) Yes, because legal sufficiency has nothing to do with adequacy of consideration c) Yes, because there was an offer that was accepted d) No, because the man was obviously incompetent, because only a mindless idiot would have gotten stuck like that
Suppose instead the man’s neighbor, who is not a public servant, sees the man dangling from his 4th floor patio. The neighbor springs into action, busting down the man’s door and pulling him to safety from the patio. In gratitude, the man promises to Venmo his neighbor $50,000 for saving him. Is that promise enforceable? a) No, because a promise made on account of something that the promisee has already done is not enforceable b) Yes, because legal sufficiency has nothing to do with adequacy of consideration c) Yes, because there was an offer that was accepted d) No, because the man was obviously incompetent, because only a mindless idiot would have gotten stuck like that
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
Suppose instead the man’s neighbor, who is not a public servant, sees the man dangling from his 4th floor patio. The neighbor springs into action, busting down the man’s door and pulling him to safety from the patio. In gratitude, the man promises to Venmo his neighbor $50,000 for saving him. Is that promise enforceable?
a) No, because a promise made on account of something that the promisee has already done is not enforceable
b) Yes, because legal sufficiency has nothing to do with adequacy of consideration
c) Yes, because there was an offer that was accepted
d) No, because the man was obviously incompetent, because only a mindless idiot would have gotten stuck like that
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education