Contract law from trust to promise to contract answers

  • What are the 5 requirements that are necessary to make a promise a contract?

    The basic elements required for the agreement to be a legally enforceable contract are: mutual assent, expressed by a valid offer and acceptance; adequate consideration; capacity; and legality.
    In some states, elements of consideration can be satisfied by a valid substitute..

  • What is a promise in the law of contract?

    Promise- Section 2(b) of the Indian Contract Act, 1872 defines a promise as: 'when the person to whom the proposal is made signifies his assent thereto, the proposal becomes an accepted proposal.
    A proposal when accepted, becomes a promise'..

  • What is promise in law of contract?

    promise. 1) n. a firm agreement to perform an act, refrain from acting or make a payment or delivery.
    In contract law, if the parties exchange promises, each promise is "consideration" (a valuable item) for the other promise..

  • Condition: is an event that is not certain to occur.
    Promised performance under a contract is subject to a condition if the parties agree that the performance is contingent on the occurrence of the uncertain event.
    Performance not due until and unless particular uncertain event occurs.
  • Consideration could be a promise, performance, forbearance, or property with legal value, but the economic benefit is not required.
    A gift or gratuitous promise cannot be a consideration for they have no bargaining.

How is a trust created in contract law?

Trusts are usually created by a settlor, who gives assets to one or more trustees who undertake to use the assets for the benefit of beneficiaries.
As in contract law no formality is required to make a trust, except where statute demands it (such as:

  • when there are transfers of land or shares
  • or by means of wills).
    • ,

    What is a promise in a contract law?

    Pursuant to U.C.C. ยง 3-103, promise means a written undertaking to pay money signed by the person undertaking to pay.
    Unless the obligor undertakes to pay the obligation, an acknowledgment of an obligation by the obligor is not a promise.

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  • From Trust to Promise to Contract today.
    Contracts are promises that the law will enforce.
    But when will the law refuse to honor a promise? .

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