An Illusory Promise Is an Example of a Contract That

question 31

True/False

An illusory promise is an example of a contract that lacks consideration.

Grasp the primary distinctions between actions based on innocent misrepresentation and common law fraud.

Understand materiality in misrepresentation cases and its significance in inducing contract formation.

Learn about specific defenses that can void a contract due to issues like fraud in the execution, duress, or economic changes.

Recognize valid grounds for the remedy of rescission in contract disputes.

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Definitions:

Bureaucracy

A system of administration characterized by strict policies, procedures, and hierarchy, often within large organizations.

Organic Organisation

A type of organizational structure that is more flexible and adaptable, characterized by less formalization, wide spans of control, and decentralized decision-making.

Legitimate Authority

The right to lead or command, based on a recognized and accepted position of power within social, legal, or organizational structures.

Scientific Management

A management theory that emphasizes optimizing efficiency through systematic study and analysis of work processes.