BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -An escape clause is a contractual provision that absolves one party to the contract of performance under specific conditions. An escape clause relieves one party of liability for nonperformance if certain conditions are met. Insurance policies frequently contain escape clauses.

Detailed explanation-2: -A promise that in fact does not impose any obligation on the promisor is known as an elusive promise . False. A binding contract cannot contain a cancellation provision .

Detailed explanation-3: -To be legally sufficient, consideration must be “something of legal value.” This may include (1) a promise to do something that one has no prior legal duty to do, (2) the performance of an act that one is otherwise not obligated to do, or (3) the refraining from an act that one has a legal right to do.

Detailed explanation-4: -Promissory estoppel is the legal principle that a promise is enforceable by law, even if made without formal consideration when a promisor has made a promise to a promisee who then relies on that promise to his subsequent detriment.