Examlex
In the village, if the harvest this year is 4,000 bushels of grain and the harvest next year will be 1,200 bushels and if rats eat 50% of any grain that is stored for a year, how many bushels of grain could the villagers consume next year if they consume 1,000 bushels of grain this year?
Promissory Estoppel
A legal principle that prevents a party from withdrawing a promise made to another party if the latter has relied on that promise to their detriment.
Consideration
In contract law, something of value given by both parties to a contract that induces them to enter into the agreement to exchange mutual performances.
Illusory Promises
Commitments made in a contract that are vague or unenforceable because they do not bind the promisor to a specific action.
Mutuality of Benefit
The principle that both parties involved in a contract or agreement must stand to gain from the arrangement for it to be valid and enforceable.
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