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A Promise Is Illusory When the Contract Terms Express Such

question 63

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A promise is illusory when the contract terms express such uncertainty that the promisor has not definitely promised to do anything.


Definitions:

Face Value

The nominal value or dollar value printed on a security, such as a bond or stock, which indicates its worth at issuance or maturity.

Interest Payment

A payment made to a lender by a borrower in exchange for the use of borrowed money, typically a percentage of the principal.

Insulation Job

A service or project involving the application of insulating materials to buildings or structures to reduce energy consumption by maintaining temperature.

Annual Fuel Bill

The total cost incurred by an individual or organization for fuel over the course of a year.

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