If an Agreement Is One-Sided, and Only One of the Parties

question 77

True/False

If an agreement is one-sided, and only one of the parties is getting something from the deal, it is called a gratuitous promise and the courts will not enforce it.

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Definitions:

Payment Orders

Instructions to transfer money from one bank account to another, often used in international trade and electronic funds transfers.

Fund Transfer

The movement of money from one account to another, either within the same financial institution or across different ones.

Certified Check

A check for which the issuing bank guarantees the availability of funds by verifying the drawer's signature and setting aside the check amount, thus ensuring payment.

Bankrupt

A legal status of a person or entity that cannot repay debts to creditors and has sought relief through bankruptcy proceedings.