Figure 2-12
-Refer to Figure 2-12.Which points are not currently attainable but could become achievable for this economy if there is an improvement in technology?
Definitions:
Illusory Promise
A statement that appears to assure a commitment but lacks the essential elements to bind the promisor legally.
Option to Cancel
A clause in a contract that allows one or more parties to terminate the agreement under certain conditions.
Legally Sufficient Consideration
refers to something of value or a promise exchanged between parties in a contract that is recognized by law as adequate to establish a binding agreement.
Preexisting Duty
An obligation that a party is already legally required to perform, which cannot serve as the basis for new consideration in a contract.
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