As the first step in having a new building built, Alejandro…
As the first step in having a new building built, Alejandro obtained a bid from a demolition company of $25,000 to tear down the existing building on his property. Having only limited cash available, Alejandro asked his rich aunt for a $50,000 loan. After reviewing the plans for the project, Aunt, in a signed writing, promised to make a $50,000 interest free loan to Alejandro repayable over ten years in equal monthly installments. Alejandro promptly accepted the bid to demolish the building, and the demolition company demolished the existing building. Aunt thereafter refused to make the loan. Despite diligent efforts, Alejandro was unable to obtain a loan from any other source. Alejandro then sues Aunt. Which of the following statements is the most correct?