Facts
Louisa Hamer, (Plaintiff), brought suit against Franklin Sidway, the executor of the estate of William E. Story I, (Defendant), for the sum of $5,000. On March 20, 1869, William E. Story had promised his nephew, William E. Story II, $5,000 if his nephew would abstain from drinking alcohol, using tobacco, swearing, and playing cards or billiards for money until the nephew reached 21 years of age. Story II accepted the promise of his uncle and did refrain from the prohibited acts until he turned the agreed-upon age of 21. After celebrating his 21st birthday on January 31, 1875, Story II wrote to his uncle and requested the promised $5,000. The uncle responded to his nephew in a letter dated February 6, 1875 in which he told his nephew that he would fulfill his promise. Story I also stated that he would prefer to wait until his nephew was older before actually handing over the (then) extremely large sum of money (according to an online inflation calculator, $5000 in 1890 would be worth approximately $125,000 in 2012). The elder Story also declared in his letter that the money owed to his nephew would accrue interest while he held it on his nephew's behalf. The younger Story consented to his uncle's wishes and agreed that the money would remain with his uncle until Story II became older. William E. Story I died on January 29, 1887 without having transferred any of the money owed to his nephew. Story II had meanwhile transferred the $5,000 financial interest to his wife; Story II's wife had later transferred this financial interest to Louisa Hamer on assignment. The elder Story's estate refused to grant Hamer the money, believing there was no binding contract due to a lack of consideration. As a result, Hamer sued the estate's executor, Franklin Sidway.
Read more about this topic: Hamer V. Sidway
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