Reference no: EM133725166

Problem

Lady Marina Crane was not feeling well for several months. She had two lovely children and was married to Sir Phillip Crane. On the death of their mother, the children of Lady Crane gave their interests in their mother's estate to their father, Sir Phillip Crane and in return he paid them each $1. Further, he promised that he would leave them the property upon his death. Subsequently, Sir Phillip Crane remarried Lady Eloise. When Sir Phillip passed away, he failed to leave the children the property. Instead he left the property to Lady Eloise. Thereafter, the children sued Lady Eloise, claiming that their stepmother, Lady Eloise, was not entitled to the property because of the agreement they had with their father. Lady Eloise claimed that the agreement between Sir Phillip and his children was not a binding contract because the amount of $1 and future gifts given for the children's interests were so trivial and uncertain. Discuss if the contract between Sir Phillip and his children is binding. In your answer, you should discuss what is consideration in general, what is the consideration in the alleged agreement, and was the consideration valid.