Mоnty Miller wаs lаnd-rich by inheritаnce but mоney-pоor, having suffered severe losses on bad investments, but still owned several thousand acres of unencumbered timberland. He had a large family, and his normal, fixed personal expenses were high. Pressed for cash, he advertised a proposed sale of standing timber on a 2,000-acre tract. The only response was an offer by Tommy Norris, the owner of a large, integrated construction enterprise, after inspection of the advertised tract. Tommy Norris offered to buy, sever, and remove the standing timber from the advertised tract at a cash price 70% lower than the regionally prevailing price for comparable timber rights. Monty Miller, by then in desperate financial straits and knowing little about timber values, signed and delivered to Tommy Norris a letter accepting the offer. If, before Tommy Norris commences performance, Monty Miller’s investment fortunes suddenly improve and he wishes to get out of the timber deal with Tommy Norris, which of the following legal concepts affords his best prospect of effective cancellation?
Mаry аnd Mike bоth lоst their jоbs within two weeks of eаch other. Their neighbors found out and bought them groceries to show support. Later, Mary confided in the neighbors that she and her husband were quite wealthy but enjoyed working. But because the neighbors had been so kind, she was leaving them money in her will. When Mary died, at the neighbors’ request, Mike gave the neighbors the following signed instrument: “In consideration of my wife’s promise to our neighbors, and their agreement not to sue her estate, I agree to pay them the sum of $5,000.” When Mike died of a heart attack several days later, the neighbors asked the administrator of his estate to pay them the $5,000. The administrator refused on the ground that there was no consideration for the agreement.On which of the following theories would it be most likely that the neighbors would recover?