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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]
The promise must be real and unconditional. This doctrine rarely invalidates contracts; it is a fundamental doctrine in contract law that courts should try to enforce contracts whenever possible. Accordingly, courts will often read implied-in-fact or implied-in-law terms into the contract, placing duties on the promisor.
Accord and satisfaction is a contract law concept about the purchase of the release from a debt obligation. It is one of the methods by which parties to a contract may terminate their agreement. The release is completed by the transfer of valuable consideration that must not be the actual performance of the obligation itself. [1]
The law of contracts varies from state to state; there is nationwide federal contract law in certain areas, such as contracts entered into pursuant to Federal Reclamation Law. The law governing transactions involving the sale of goods has become highly standardized nationwide through widespread adoption of the Uniform Commercial Code .
Consideration is an English common law concept within the law of contract, and is a necessity for simple contracts (but not for special contracts by deed).The concept of consideration has been adopted by other common law jurisdictions, including in the United States.
Until fairly recently, requirements contracts were deemed void under the law of France for lack of defined terms under Articles 1129 and 1583 of the French Civil Code. [4] In Belgium , by contrast, court decisions have consistently held such contracts to be valid, despite the Belgian Civil Code having language identical to that of France. [ 5 ]
A Burrows, Cases and Materials on Contract Law (2nd edn Hart, Oxford 2009) ch 11; H Collins, Contract law in context (4th edn CUP, Cambridge 2004) E McKendrick, Contract Law (8th edn Palgrave, London 2009) ch 13; E Peel, Treitel: The Law of Contract (7th edn Thompson, London 2008) ch 9; M Chen-Wishart, Contract Law (6th edn OUP 2018) ch 5; Articles
Contractual terms in English law is a topic which deals with four main issues. which terms are incorporated into the contract; how are the terms of the contract to be interpreted; whether terms are implied into the contract; what controls are placed on unfair terms