Allegheny College v - N/A PDF

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Allegheny College v. National Chautauqua County Bank of Jamestown, 159 N.E. 173 (N.Y. 1927); Facts: o Mary yates johnson made a pledge of donation of 5K to be paid after her dealth o She conditioned the donation saying that the scholarship should be named in her honor o She paid 1K of the pledge donation prior to her death o School accepted the 1K and put it aside for the scholarship after her death o Allegheny college sued executor bank after death for the 5K o Trial court ruled for bank o Appellate division affirmed o Ny court of appeals reversed decision and ruled that the bank pay the 4K remaining Rule: Acceptance of a portion of a pledged donation may constitute sufficient consideration To constitute an enforceable promise, the promise and the consideration must be the motives for each other Once the college came under the obligation to use Johnsons name to set up the foundation valid consideration was met

discussion of Univ. of Texas, Gift Agreement....