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What Is a Gratuitous Promise? Can Such a Promise Support

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What is a gratuitous promise? Can such a promise support a contract?


Definitions:

Certificates of Deposit

Fixed-term financial instruments issued by banks that offer a fixed interest rate in exchange for keeping the deposit untouched for a predetermined period.

Orders to Pay

Instructions typically issued by a debtor authorizing their bank to pay a specified amount of money to a creditor on a certain date.

Certificate of Deposit

A Certificate of Deposit is a financial product offered by banks that provides an interest rate premium in exchange for the customer agreeing to leave a lump-sum deposit untouched for a predetermined period of time.

Bank

A financial institution licensed to receive deposits, offer loans, and provide various financial services to its customers.

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