A Promise That Neither Confers Any Benefit on the Promisee

question 50

True/False

A promise that neither confers any benefit on the promisee nor subjects the promisor to any detriment is an illusory promise

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Definitions:

Refuse to Pay

The act of intentionally not providing payment for a product, service, or debt when payment is due.

Provisional Credits

Temporary credits issued to a bank account, often while a transaction is under review or a dispute is being resolved, which can be reversed depending on the outcome.

Dishonor of a Check

The refusal by a bank to pay the amount stated on a check due to insufficient funds or other reasons.

Reversed

A decision or process that has been changed to go in the opposite direction, often used in the context of judicial decisions.