Benito is a graduate student. On September 15, 2019, he asks his friend Lannette for a $10,000 loan.
Lannette: Why do you need the loan?
Benito: The new semester has begun, and I'm $10,000 short on the tuition I owe. Classes have started and I've been attending them, but the bursar is demanding that I pay.
Lannette: That's a lot of money, but I will never forget how you traveled across the country to visit me last year when I needed emotional support. Certainly I'll make the loan; you'll pay it back only if and when you're able. It will take me a week or two to get a hold of the money, but I'll put my commitment in a writing that you can show to the bursar. Maybe she'll leave you alone until the money comes through.
Lannette then creates and signs this writing:September 15, 2019 To Whom It May Concern:In consideration of (i) my long-standing friendship with Benito Bourne, and (ii) the help he has given me and the sacrifice he has made for me in several specific instances, and (iii) his need to pay school tuition, I, the undersigned Lannette Lindstom as Lender, do hereby promise and commit myself to lend to the said Benito Bourne the sum of $10,000 at 1% annual interest, the loan to be made on or before October 1 of this year, 2019.REPAYMENT TERMS: The said Benito Bourne is to repay the loan and/or interest when and only when, if and only if, at any time in the future he feels himself ready, willing, and able to do so and otherwise not at all, neither loan principal nor interest.On October 1, Lannette tells Benito, "I'm sorry, but I've changed my mind about the loan. I don't think I can afford to part with the $10,000." Benito visits his lawyer who correctly advises him that Lannette's promise is unenforceable for lack of consideration from Benito. The lawyer is correct because
I.notwithstanding her signed writing, Lannette made no promise to lend Benito $10,000.
II.Benito promised nothing in return for Lannette's commitment.
III.among the matters that Lannette cites as consideration for her promise, none was bargained for.
IV.within Lannette's signed writing none of the terms provided at items (i), (ii), or (iii) truly describes consideration from Benito to Lannette.
V.Benito did not sign the writing.
A.I
B.II and III
C.I, II, III, and V
D.II, III, and IV