There's a post title that will draw attention! Does the pictured written memorandum memorialize a contractual obligation?
What are the issues?
1. Consideration: Was a ride on the topless deep sea fishing trip provided in exchange for the I.O.U. promise? Or is this a promise to provide a gift to a friend in the future?
2. Condition and Performance: "When I graduate" and "when I have money" appear to be conditions precedent to performance. What if he never graduates, yet acquires money? What if he graduates but never has money? How much money is enough to be considered "having money"?
3. Sufficiently Certain and Definite: How much money is to be paid for the described event? Why not simply state the amount to be paid? Or is the amount to be determined in reference to price of the trip on the future day of payment? Who goes topless?
4. Legality: Did this trip originate in a place where topless-ness is legal? Or was the topless part of the activity to take place outside of the territorial waters of the US?
5. Capacity: Was there any intoxication issue? Does it appear to be sufficient to affect contractual capacity?
Maybe it should be an exam question.
Source of image: Total Frat Move