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Illusory promises are so named because they merely hold the illusion of contract. For example, a promise of the form, "I will give you ten dollars if I feel like it," is purely illusory and will not be enforced as a contract. It is a general principle of contract law that courts should err on the side of enforcing contracts. [1]
2. A performance or return promise is bargained for if it is sought by the promisor in exchange for his promise and is given by the promisee in exchange for that promise. 3. The performance may consist of an act other than a promise, or a forbearance, or the creation, modification, or destruction of a legal relation. [1]
For example, A receives Rs.50/- in return for which he promises to deliver certain goods to B. The money A receives is the present consideration. When consideration to one party to other is to pass subsequently to the maker of the contract, is said to be future consideration. For example. A promises to deliver certain goods to B after a week.
Amway Corp., [2] and consistent with a Ninth Circuit case, Douglas v. U.S. District Court ex rel Talk America [3] the court found that Blockbuster's arbitration provision was illusory and unenforceable, because there was nothing in the Terms and Conditions that would prevent Blockbuster from "unilaterally changing any part of the contract", "at ...
A promise cannot be based upon consideration that was said, given or done before the promise was performed. Something said afterwards, will not count as consideration. For example, if X promises to reward Y for an act that Y had already performed then while the performance of that act is good consideration, for the promise to be rewarded for it ...
Illusory promise 1; Statute of frauds 1; Non est factum 1; Unclean hands 1; Accord and satisfaction 1; Exculpatory clause; Interpretation; Parol evidence 3; Contract ...
Musk described Meloni as "someone who is even more beautiful inside than outside" at a black-tie event in New York in September last year, for example, prompting the Italian leader to reply that ...
It was not illusory to promise to buy all sand from one supplier, even though there was no contractual obligation to buy any sand at all. This meant there was sufficient mutuality of obligation. Wood v. Lucy, Lady Duff-Gordon, 222 N.Y. 88, 118 N.E. 214 (1917) articulates the idea that a promise may be lacking explicitly in a contract, but the ...