Examlex
According to the theory of cognitive dissonance, people try to
Sufficient Consideration
The concept in contract law that something of value, which is mutually agreed upon by the parties involved, must be exchanged for a contract to be legally binding.
Illusory Agreement
A contract or agreement that appears to be binding but lacks the necessary elements to enforce it, often because terms are too vague or one party has the option not to perform.
Monetary Value
The economic worth assigned to goods, services, or assets in terms of currency.
Promissory Estoppel
A legal principle that prevents a person from going back on a promise, even if it was made without formal consideration, if another person reasonably relied on that promise to their detriment.
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