Examlex
The production process converts inputs into outputs.
Past Consideration
Refers to an act or benefit given in the past that cannot be legally considered as an inducement for a contract.
Illusory Promise
A statement that appears to be a promise but is too vague or lacks the requisite commitment to be legally enforceable as a contract.
Promissory Estoppel
A legal principle that prevents a promisor from arguing that an underlying promise offered should not be legally upheld if the promisee has relied on that promise to their detriment.
Unilateral Contract
A type of contract in which only one party makes a promise to perform in exchange for an act by the other party.
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