The local YMCA is in the middle of its annual fund drive. Billy is a local busin
ID: 465667 • Letter: T
Question
The local YMCA is in the middle of its annual fund drive. Billy is a local businessman. Billy fills out and signs a pledge card wherein he agrees to contribute $5000 to the YMCA. The payment is to be made on July 5, 2016. On that date, Billy does not pay and sends the YMCA a short note telling it he has changed his mind and will not honor the pledge. So, is Billy legally obligated to honor the pledge? Can the YMCA successfully sue him for this breach? As with many legal questions, it is helpful to read the text on this one.
Explanation / Answer
Charitable pledge is enforceable if it is a legally binding contract. A legally binding contract exists when there is agreement between the parties and there is “consideration” given in exchange for the pledge. These are known as the three essential elements of a contract. If a single of the three is missing, the contract is invalid and unenforceable
Charitable pledges, when documented properly, are enforceable.
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