As a general rule, a promise must be supported by consideration. ...

[abarnes]

As a general rule, a promise must be supported by consideration. Describe any two exceptions to this rule.

Question 2

Through incorporation by deference, a contract can consist of both the original document and the detailed statement that is incorporated in it.
  Indicate whether the statement is true or false

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Answer to Question 1

Two exceptions to the requirement of consideration are:
1. Voluntary Subscriptions

When charitable enterprises are financed by voluntary subscriptions of many people, the promise of each person is generally held to be enforceable. When a number of people make pledges to or subscribe to a charitable association or to a church, for example, the pledges or subscriptions are binding. Despite the fact that such promises lack the technical requirements of ordinary contracts, the courts in most states will enforce the promises as a matter of public policy.

2. Promissory Estoppel

Although not supported by considerations, courts enforce some promises on the basis of promissory estoppel. According to this doctrine, if one person makes a promise to another, and that other person acts in reliance on the promise, the promisor will not be permitted to claim lack of consideration. Enforcement is held to be proper when the promisor should reasonably expect to cause, and does cause, action by the promisee, and the promisee would be harmed substantially if the promise were not enforced. The theory has gained support as a means of realizing justice.

Answer to Question 2

FALSE

[abarnes]

Excellent

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