Is an illusory promise enforceable?

Is an illusory promise enforceable?

An illusory promise is one that is unenforceable. This is due to a lack of mutuality or indefiniteness where only one party is bound to perform. An illusory promise is based on deception or parameters that are indefinite, making it unclear what must be done or if performance is optional.

What is an illusory promise quizlet?

What is an illusory promise? A promise which does not impose any real obligation on the part of the Promisor.

What is illusory law?

Illusory is a promise to do something that is unenforceable or meaningless because the promisor has means of avoiding the commitment.

Is Past consideration an illusory promise?

Past Consideration: Promises made in return for acts or events that have already taken place are unenforceable for lack of sufficient consideration.

What is an example of illusory promises?

A promise that is unenforceable due to indefiniteness or lack of mutuality, where only one side is bound to perform. An example of this would be an agreement between a seller and buyer which states that the seller “agrees to sell all of the ice cream he wants to” to the buyer.

What are two exceptions to the rule requiring consideration?

One exception to the rule requiring consideration is promissory estoppel. In a bilateral contract the considerations for each promise is a return promise. In a unilateral contract, the consideration is one partys consideration is the promise and the other partys consideration is the act.

What happens if an offeree accepts an offer before it is effectively revoked?

If an offeree accepts an offer before it is effectively revoked: a void contract is formed. A binding promise to keep an offer open for a stated period of time or until a specified date is called a(n): time contract.

What illusory means?

: likely to mislead or deceive : false, deceptive an illusory plea bargain leading to a longer sentence than expected.

Does illusory promise void contract?

In a legal context, a promise is linked to a contract. When one party involved with a contract has the unilateral right to modify the terms and conditions of the contract without the other party’s consent or without giving notice, it is an illusory promise. In this situation, the contract is declared null and void.

What does Disaffirmance mean?

Disaffirmance is a legal term that refers to the right for one party to renounce a contract. In order to render the contract void, the person must indicate that they will not be bound by the terms outlined in the agreement.

In what cases are promises enforceable without consideration?

Promissory estoppel: Under the “promissory estoppel” doctrine, a promise will be enforceable without consideration if: (1) the promisee acts or forbears in reliance on the promise and (2) this action or forbearance was reasonably foreseeable by the promisor.

What are the 3 requirements of consideration?

There are three requirements of consideration: 1) Each party must make a promise, perform an act, or forbear (refrain from doing something). 2) Each party’s promise, act, or forbearance must be in exchange for a return promise, act, or forbearance by the other party.

When does a promise become an illusory promise?

An illusory promise is based on deception or parameters that are indefinite, making it unclear what must be done or if performance is optional. When a contract contains a statement by the promisor that requires no actual obligation on the part of that person to fulfill, the promise is an illusory promise.

What makes an illusory contract a valid contract?

A valid contract contains a promise for one party to perform services or provide goods. The other party must pay a specified sum for these goods or services or provide another form of compensation in return. An illusory contract, however, only contains the illusion of a promise. This holds true whether it is an oral or written agreement.

Which is an example of an unenforceable promise?

A promise that is unenforceable due to indefiniteness or lack of mutuality, where only one side is bound to perform. An example of this would be an agreement between a seller and buyer which states that the seller “agrees to sell all of the ice cream he wants to” to the buyer.