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One difference between a hypothetical benevolent king implementing the best policy and the president implementing the best policy in the real world is the president has to be concerned about
Binding Contract
An agreement between parties that is legally enforceable in a court of law.
Promissory Estoppel
Promissory estoppel is a legal doctrine that can enforce a promise in the absence of a formal contract when a party has relied on that promise to their detriment.
Consideration
Something of value that is exchanged between parties in a contract, making the agreement legally binding.
Preexisting Contract
A legal agreement that was created and became effective before the current discussion or issue.
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