Contract Law For Promise In Travis
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A promissory condition is a promise whose performance either suspends a duty of immediate performance until it occurs or gives rise to such duty upon its occurrence. A, non- promissory condition creates a privilege in the case of a condition precedent and a power in the case of a condition subsequent.
Contracts. Chapter 301. Contracts—Formation, Interpretation, and Enforceability. WPI 301.02 Promise Defined. A promise is an expression that justifies the person to whom it is made in reasonably believing that a commitment has been made that something specific will happen or not happen in the future.
How? Generally, to be legally valid, most contracts must contain two elements: All parties must agree about an offer made by one party and accepted by the other. Something of value must be exchanged for something else of value.
Someone must make a promise. Someone else must genuinely and justifiably rely on the promise. The actions that are taken in reliance on the promise must be reasonably foreseeable to the person who makes the promise. Injustice will occur if the promise isn't enforced.
Absent a valid contract, a broken promise does not typically provide grounds for a lawsuit. However, under certain circumstances, the legal doctrine of detrimental reliance may provide a remedy. Detrimental reliance occurs when a party is reasonably induced to rely on a promise made by another party.
Thus, a promise may be enforceable to the extent that the promisee has incurred substantial costs, or conferred benefits, in reasonable reliance on the promise. Promissory estoppel under Section 90 of the Restatement of Contracts is the primary enforcement mechanism when action in reliance follows the promise.
Second, contract can be understood as the legal analog to promise. Both contract and promise enable people to undertake new obligations to one another when they wish.
A formal promise to the court. A promise to the court to do or not to do something, which promise can be enforced as if it were a court order.
What is an example of mutual assent? A mutual assent example is when one person decides to buy a house from another. They both will sign documents that will show the amount the offeror will provide and the house condition the offeree will submit upon sale.
Thus, a promise may be enforceable to the extent that the promisee has incurred substantial costs, or conferred benefits, in reasonable reliance on the promise. Promissory estoppel under Section 90 of the Restatement of Contracts is the primary enforcement mechanism when action in reliance follows the promise.
