Examlex
How does a manager go about choosing which of three products to produce and sell when each product uses a single machine with a limited capacity?
Illusory Consideration
An apparent promise or agreement that lacks a real commitment and therefore does not form a binding contract.
Adequacy of Consideration
An evaluation of whether something of legally sufficient value has been given in exchange for a promise or action, as part of a contract.
Fair Market Value
An estimate of the market value of a property, based upon what a knowledgeable, willing, and unpressured buyer would probably pay to a knowledgeable, willing, and unpressured seller in the market.
Unilateral Contract
A type of contract in which only one party makes a promise or undertakes a performance in exchange for an act, rather than a promise, from the other party.
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