Nature of the Case
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Facts
In 1979 and 1980 D pledged $10,000 per year to P during a campaign drive. In 1976, 1977 and 1978 D had made contributions in the same amount, all of which were paid. The 1979 and 1980 pledges totaling $20,000 remain unpaid. P has filed a proof of claim for $20,000 to which D objected. D executed a pledge card wherein it stated that D's subscription is in consideration of the pledges of others. After the pledge drive, P establishes an operating budget, determines the amount of and recipients of distributions, and hires personnel. P also borrows money from banks so that it can make immediate distributions to recipients before obtaining the actual pledge amount. D claims that the pledge is unenforceable for lack of consideration.
Holding and Decision
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Legal Analysis
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