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What is sn illusory promise?
An illusory promise is a statement that appears to be a promise but lacks a commitment to do or not do something. It is not legally enforceable because it does not bind the person making it to any specific action. In contract law, illusory promises typically do not create valid contracts.
When must a contract be in writing to be legally enforceable?
A contract must be in writing to be legally enforceable when it involves the sale of real estate, a promise to pay someone else's debt, or an agreement that cannot be completed within one year.
Can gratuitous promise be enforceable?
A gratuitous promise, also known as a promise made without receiving anything in return, is generally not legally enforceable because it lacks consideration, a key element in forming a contract. However, there are certain exceptions where a gratuitous promise may be enforceable, such as if it is made under seal or if there is a clear intention to create legal relations.
Does the promise to do favor create a binding contract?
Depends. If the favor is to give money to charity, common law said yes, and that's one of the few such enforceable promises to make a gift. Otherwise, generally no but facts can vary and if there's any kind of consideration for the promise, it might be enforceable.
When promissory estoppel is used by the courts it is because there is NOT an enforceable contract present. true or false?
True. Promissory estoppel is applied by courts in situations where there is no enforceable contract, but one party has made a promise that the other party reasonably relied upon to their detriment. This legal principle aims to prevent injustice by allowing the reliance on the promise to be enforced, even in the absence of a formal contract.
Is donation a contract?
No, a donation is, by definition, a gift. There is also the possibility of a "pledge", which is a promise of a future donation. Some pledges may be enforceable if they are obtained in exchange for a benefit. For example, "pledge tonight and get a copy of the video", would be an offer to enter into an enforceable contract.
A contract is a single promise made by one person to another enforceable?
A contract needs to show the exchange between parties. One person will do work in exchange for money, for example. If the contract merely said that one person will do work, but it makes no mention of what the other person must provide, the contract is probably not valid and not enforceable.
What is the main difference between a contract and a promise?
in a contract you are legally bound by it and a promise is something u just make someone. so if u break your contract you could go to jail but if u break a promise you might lose a friend or who ever you made that promise with.
Why is there no general legal duty to honor a promise?
If it is not written down an paper and signed it cannot be legally enforced by the court. If someone gives you their promise and then breaks it, while it may not be legally enforceable, it just means that you have been taught a valuable lesson about that person.
Consideration meaning and difference between English law and Indian law?
Consideration is an essential element of a legally binding contract where each party agrees to give or do something in exchange for something from the other party. In English law, consideration must be present for a contract to be enforceable, whereas in Indian law, a promise can be enforceable even without consideration under certain circumstances, such as promises made to close family members. Additionally, Indian law recognizes past consideration as valid consideration, while English law generally does not.
Is an engagement ring a contract to marry?
It is a promise to marry and in a way a contract; however the ring does not make the engamement legally binding.
What makes the contract binding?
A contract is binding when it is entered into between parties having the capacity to enter a contract, and is made in light of adequate consideration. Consideration can be defined as something of value which is a detriment to the one who gives it and a benefit to one who receives it. For example, if A promises to mow B's lawn, and B promises to pay A $50 when he finishes, the parties have exchanged consideration -- here, a promise for a promise.
