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Reference - Marcy's Mom

question 8

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Reference - Marcy's Mom. Marcy's mother, Sue, did not want her to date until she was older. She also wanted Marcy to attend law school. Just before Marcy started her freshman year in college, Sue told Marcy that if Marcy would refrain from dating until she received her law degree, then Sue would pay off all Marcy's school loans and throw in an extra $50,000. Marcy agrees and states, "Thanks, Mom, and by the way, when I graduate I'm throwing you a big party for all you've done for me!" Sue smiles and hugs Marcy. Marcy finished law school and asked for payment of her loans, the $50,000 in cash, and for a car. Sue said "No way - I know you went out on some dates during law school, and I never agreed on the car." Marcy said those were just study nights and that her mother had never objected to Marcy's frequent statements that she wanted a car upon graduation. Sue asks about the party. Marcy tells her that she is nuts because there is no way Marcy can afford a party since Sue has backed out of the deal. After some serious negotiation Marcy and Sue settled their dispute with Sue agreeing to pay for half of Marcy's school loans and for all the expenses of Marcy's upcoming wedding, and to forget about Marcy throwing a party for her. Was the agreement between Marcy and Sue that Sue would pay Marcy's school loans and throw in an extra $50,000 if Marcy refrained from dating until she received a law degree sufficiently supported by consideration?

Definitions:

Real Property

Refers to land and any permanent structures or improvements attached to the land, such as buildings or houses.

Debt

Money owed by one party to another under conditions of repayment.

Shipping Dock

A platform situated at the edge of a warehouse or facility where goods are loaded onto or unloaded from vehicles or ships.

Guarantee Payment

A promise or assurance, typically by a third party, to assume responsibility for another's debt or obligation if they fail to fulfill it.