Illusory contract

Illusory contract

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Date added: 03.03.2015
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Apr 29, 2009 - Under contract law, both parties to a contract must promise something of value, or consideration. In an "illusory" contract, one of the partiesA 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

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Illusory contract is a contract between two parties in which the consideration for the contract is illusionary. In such contracts one party gives as consideration a Jun 23, 2011 - An illusory agreement is where either there is no true consideration, or the contract is (by its terms) not binding on at least one of the parties. In contract law, an illusory promise is one that courts will not enforce. This is in contrast with a contract, which is a promise that courts will enforce. A promise may?Implied-in-law "good faith" terms -?Implied-in-fact terms -?Bargaining for a chanceIllusory Promise legal definition of Illusory Promiselegal-dictionary.thefreedictionary.com/Illusory+PromiseCachedSimilarIllusory Promise. A statement that appears to assure a performance and form a contract but, when scrutinized, leaves to the speaker the choice of performance or

Definition of illusory promise: A statement which appears to be formed into a legal contract but includes the option for the person making a promise to have no illusory promise. n. an agreement to do something that is so indefinite one cannot tell what is to be done or the performance is optional (usually because it is just In contract law, an illusory promise is one that courts will not enforce. This is in contrast with a contract, which is a promise that courts will enforce. A promise may Illusory Promises: An agreement in which one party gives as consideration a promise that does not actually obligate him to anything under the contract.

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