A twenty-one-year-old college senior loved cars. He worked l…
A twenty-one-year-old college senior loved cars. He worked long hours at the local fast food restaurant after school to make the payments on his car. A bank had extended him a two-year loan with no pre-payment penalty. The student fell behind in his payments, prompting the bank to write him a letter, stating, “If payments are not resumed by January 15, we will be forced to repossess your car.” The student dropped out of school to work longer hours so that he would be able to resume his payments. On January 6, the student’s aunt, a fifty-year-old real estate tycoon, discovered the student’s plan to pay his debt. She called the student and said, “I can’t let my favorite nephew mess up his life. If you stay in school and quit your job, I will assume all payments on your car and provide you with $200 spending money every month for two years.” The student agreed to quit his job and went back to school. The aunt called the bank and left a message with the receptionist, stating, “I will pay you all the money the student owes and assume all his future payments if you guarantee not to repossess his car. If the bank does not return my call, I will assume it has accepted the offer.” The bank did not call the aunt back, did not repossess the car, and cashed the aunt’s checks over the following six months. The student, meanwhile, negligently drove off the side of a winding mountain road. He died in the crash and the car was totaled. The bank sued the aunt for the remaining payments due on the car. The student’s estate brought suit against the aunt for the remaining payments of $200/month spending money promised to the student. Which of the following best characterizes the above facts?