Examlex
Reconciliation is best understood as the process by which:
Consideration
Something of value given by both parties to a contract that induces them to enter into the agreement to exchange mutual performances.
Hamer v. Sidway
A significant case in contract law that established the notion that forbearance (refraining from doing something) can be considered a valuable consideration in a contract.
Sufficient Consideration
A necessary element in contract law where something of value is exchanged between parties to form a valid contract.
Illusory Promises
Statements or promises that appear to assure performance or commitment but, due to vague or conditional terms, do not actually bind the promisor to any action.
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