Hey G----
First off, not "wrapped" with foil, balled up foil put under the root ball inside the pot. Tina was suggesting something to raise the roots out of water that might be in the bottom of the pot.
A few words about house palms---if the soil that you found was moist, that's too wet! Potted palms in the house, unless they're by huge windows with blazing sun all day, need to have the soil get down to the slightly-damp to almost-dry stage between waterings. And that needs to be all the way to the bottom of the pot, not just on the top of the soil. Here's a video that explains a bit more.
Neither cat palms nor majesty palms are good indoor palms. The fact that some people may have them indoors does not mean it's easy to keep them, or that they will last for more than a few months. In any case, definitely not a beginner-level plant. (I can't really tell what you have from the pictures - you need to stand far enough back from the plant to get most of it into the shot.)
But since you have it now, do the best you can. You can always try again if this one doesn't make it. The first secret of green thumbs is big garbage cans.