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COGNITIVE ASSESSMENT Which of the following disc types can be written onto, but not erased?
Bilateral Contract
An agreement between two parties in which each party commits to performing a specific obligation.
Consideration
In a contractual agreement, it is the value or promise that each party agrees to exchange.
Promissory Estoppel
A legal principle that enables a party to recover on a promise made when they have reasonably relied on that promise to their detriment, even if a formal contract does not exist.
Illusory Contract
An agreement that fails to bind at least one of the parties due to the lack of a definite promise or because the terms allow for withdrawal without consequence.
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