1. Not all promises are contracts. / Choose [ True or False ] > True = All promi
ID: 384851 • Letter: 1
Question
1. Not all promises are contracts. / Choose [ True or False ]
> True = All promises don't qualify as contracts, as there may or may not be a consideration with them. / In contracts, a promise is essential to a binding legal agreement and is given in exchange for consideration, which is the inducement to enter into a promise. A promise is illusory when the promisor does not bind herself to do anything and,therefore, furnishes no consideration for a valid contract.Thus a promise without a consideration is not a contract
> False = Not all promises are contracts All the contract do involve promises but all the promises do not establish contract. Contract law enforces promises to be made enforceable.
2. A voidable contract is one that may be canceled by only one of the parties / Choose [ True or False ]
> True : A voidable contract is a contract that one party would not have agreed to originally, if it would have known all elements of the contract before acceptance. If that party comes to know those facts, it can cancel the contract
> False. When a contract is voidable any party has the right to cancel it.
Explanation / Answer
True. Not all promises are contracts. Every contract is based on mutual promises that are exchange of things of value. It is an agreement based on obligation and duty. All promises are not contracts. When a promise is legally bound then it becomes a mutual agreement based on promise. A promise without a contract does not make sense as there is no legal binding.
2. False. Voidable contract is the one wherein at least one party has the legal right for canceling his or her obligations under the contract. It is not like only one party can cancel the contract; any party can do that.
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