Reed, a 15-year-old, has run out of money while on a trip away from home. Martha gives him food, a place to sleep, and his bus fare home, in exchange for Reed's promise to pay $200 after he got home. Is Reed's promise enforceable?

Explanation:

Food, clothing, housing, and medical care are needed. Bus fares are probably also considered necessary, although it can be controversial depending on the distance of a minor. Rules are essential for adolescents to pay for the value of the benefit received. In other words, Reed can reject the contract, but he must take responsibility for any benefit he received from Martha.

cognitive overload: having a lot on your mind impairs decision-making and tends to result in the simplest, but not necessarily best, option being selected.

empathy gaps: overlooking how you might feel in a different situation can result in unnecessary purchases, such as overbuying when shopping for food on an empty stomach.

optimism and overconfidence: wearing rose-tinted glasses and having unrealistic expectations about the future can affect money management and leave you unprepared for a change in circumstance.

instant gratification: seeking instant gratification drives impulsive spending and can undermine long-term planning and savings.

harmful habits: automatic or mindless behaviour can amplify a poor financial decision as it becomes a recurring event.

social norms: we are heavily influenced by the actions of others; while this can be in certain circumstances, it also contributes to the pressure to keep up with the joneses through conspicuous consumption.

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