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10 Cards in this Set

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  • Back
illusory promise
Words of promise which by their terms make performance entirely optional with the “promisor” whatever may happen, or whatever course of conduct in other respects he may pursue, do not constitute a promise. Although such words are often referred to as forming an illusory promise, they do not fall within the present definition of promise. They may not even manifest any intention on the part of the promisor. Even if a present intention is manifested, the reservation of an option to change that intention means that there can be no promisee who is justified in an expectation of performance. R2C, §2.
promise
A manifestation of intention to act or refrain from acting in a specified way, so made as to justify a promisee in understanding that a commitment has been made. R2C, §2.
consideration
A performance or a return promise that is bargained for. R2C, §71.
bargained for
A performance or a return promise that is sought by the promisor in exchange for his promise and is given by the promisee in exchange for that promise. R2C, §71. C.c. In the typical bargain, the consideration and the promise bear a reciprocal relation of motive or inducement: the consideration induces the making of the promise and the promise induces the furnishing of the consideration. R2C, §71.
performance
(a) An act other than a promise; (b) a forbearance; or (c) the creation, modification, or destruction of a legal relation. R2C, §71.
agreement
A manifestation of mutual assent on the part of two or more persons. R2C, §3.
bargain
An agreement to exchange promises or to exchange a promise for a performance or to exchange performances. R2C, §3.
manifestation of assent
Manifestation of assent may be made by words or by any other conduct. Even silence in some circumstances is such a manifestation. R2C, §3.
contract
A promise or a set of promises for the breach of which the law gives a remedy, or the performance of which the law in some way recognizes as a duty. R2C, §1.
executory
1. Taking full effect at a future time <executory judgment>. 2. To be performed at a future time; yet to be completed <executory contract>. BLD.