Asked by Nathan Perrine on Jun 17, 2024
Verified
A gratuitous promise is a promise made without consideration.
Gratuitous Promise
A promise for which no consideration is given or required in return, often unenforceable without a deed or under specific legal conditions.
Consideration
In contract law, consideration refers to the value (such as money, a service, or a promise) that is given in exchange for a contractual obligation from the other party.
- Examine the impact of illusory and gratuitous promises on the legality of agreements in contract law.
Verified Answer
TM
Tiffany MarieJun 19, 2024
Final Answer :
True
Explanation :
A gratuitous promise is indeed a promise made without consideration, meaning no value is exchanged for the promise being made.
Learning Objectives
- Examine the impact of illusory and gratuitous promises on the legality of agreements in contract law.