If a party makes a statement or promise that prompts another party to rely on that statement in such a way that it is financially aggrieved by that reliability, a court will keep the statement or promise as if it were a contract. The court does not need to find an agreement or consideration to enforce the promise as a contract, but it is difficult to prove that a statement was made without registration. It is natural to be surprised at the relationship between contract law and the morality of promises and agreements. This chapter distinguishes two ways of conceiving this relationship. First, the moral obligations of the parties, based on agreements, could be taken into account in the explanation of contract law, taking into account its functions or justifications. Contract law could be used to enforce the performance obligations of the parties in the first order, to enforce second-order remediation obligations, to support the culture of drafting and preservation of contracts in general, or at least not to interfere with that culture or the ability of individuals to act morally. Second, the treaty can be interpreted as a legal analogy to promises. Both the treaty and the promises allow people to make new commitments to each other if they wish. Each is a kind of normative power, one legal, the other moral. The chapter concludes with the argument that these two ideas on contract law are not mutually exclusive.
Contract law obliges the parties to exchange agreements, a legal obligation to perform for reasons beyond the parties` eventual contractual intent, and gives them the power to assume that legal obligation if they provide for it. An implied promise is an implied promise that can be inferred from the promisor`s expressions or actions. A promise implied by law may arise if no explicit statement is made, but the party, in equity and justice, is in a legal obligation, as if it had actually made a promise. Sometimes the line between casual promises and contracting is much thinner than what we see. Companies need to be careful what they offer to employees, partners and others, because even an innocent statement can be interpreted as a contract. Talk to a local contract lawyer to discuss your agreements and other contract issues. Let`s say John tells Doris that he`s going to pay her $3000 to take care of her children for the summer. Doris cancels her less lucrative summer business in favor of John`s offer, but at the last minute, John accepts a foreign exchange student who will do the work for free. Doris may be able to obtain damages from John for the loss of income she suffered on the basis of her promise. In contracts, it is essential to commit to a binding legal agreement and is given for remuneration, which encourages making a promise. A promise is illusory if the promisor does not attach itself to anything and therefore brings no consideration to a valid contract.
1) n. a firm agreement to perform an act, to refrain from acting, or to make a payment or delivery. In contract law, when the parties exchange promises, any promise is “reflection” (a valuable point) for the other promise.