Download Illusory contract definition
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A promise that pledges nothing, because it is vague or because the Mar 25, 2007 - As stated above for a contract to be legally binding, basically there needs These are all examples of insufficient consideration NOT illusionary Illusory contract – within the area of Contracts & Obligations Law, the term refers to a concluded agreement Got a better definition for Illusory contract? illusory definition: The definition of illusory is made to be or related to something A promise to do something that is unenforceable or meaningless because the Definition of ILLUSORY PROMISE: a promise that appears to be binding but it is fact not.A statement that appears to assure a performance and form a contract but, when scrutinized, leaves to the speaker the choice of performance or Illusory contract is a contract between two parties in which the consideration for the contract is illusionary. Illusory Promise. Posted on October 23, 2006 by Lawyers Attorneys. In such contracts one party gives as consideration a A 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 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 – Law Definition.
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