Examlex
Although Leanne has never actually been on a job interview before, she knows what to expect based on her three practice interviews with her high school guidance counsellor. This mental model of an interview is one example of what psychologists call a(n)________.
Gratuitous Promise
A promise made without expecting anything in return, often not legally binding unless certain formalities are met.
Consideration
The benefit, interest, right, or profit that is given or promised to one party in a contract in exchange for them to do or not do something.
Binding Contract
An agreement between two or more parties that is legally enforceable.
Consideration
The value (which could be in the form of money, goods, services, or a promise) exchanged between parties in a contract, making the agreement legally binding.
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