B is corrent. A promise to donate money to a charity which the charity relied upon in incurring large expenditures is a situation involving promissory estoppel. Promissory estoppel acts as a substitute for consideration and renders the promise enforceable. The elements necessary for promissory estoppel are (1) detrimental reliance on a promise, (2) reliance on the promise is reasonable and foreseeable, and (3) damage results (injustice) if the promise is not enforced.
A is incorrect. The failure to enforce a promise to pay for a child’s college education will not result in damages, and therefore, promissory estoppel would not apply. Promissory estoppel acts as a substitute for consideration and renders the promise enforceable.
C is incorrect. An irrevocable oral promise by a merchant to keep an offer open for 60 days is an option contract that must be supported by consideration. A firm offer under the UCC requires an offer signed by the merchant.
D is incorrect. The modification of a contract requires consideration, unless the contract involves the sale of goods under the UCC.
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