An Offer That Can Be Accepted Simply by a Promise

question 19

True/False

An offer that can be accepted simply by a promise to perform does not create a binding contract.

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Definitions:

Innocent Misrepresentation

A false statement of a material fact made by a party that honestly believed the fact to be true.

Erroneous Statement

A declaration or assertion that is incorrect or mistaken in fact.

Consideration

Something of value given by all parties to a contract that induces them to enter into the agreement to exchange mutual performances.

Fraudulent Misrepresentation

False statements made intentionally to deceive, typically leading to harm or loss, and which may be grounds for legal action.