BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -If a contract’s termination clause gives a party the right to terminate for any reason whatsoever, that party’s promise to perform would be illusory and non–binding as consideration.

Detailed explanation-2: -In contract law, an illusory promise is one that courts will not enforce. This is in contrast with a contract, which is a promise that courts will enforce. A promise may be illusory for a number of reasons.

Detailed explanation-3: -A promise that is unenforceable due to indefiniteness or lack of mutuality, where only one side is bound to perform. An example of this would be an agreement between a seller and buyer which states that the seller “agrees to sell all of the ice cream he wants to” to the buyer. business law.

Detailed explanation-4: -An illusory contract is between two parties with one party promising a consideration that is so insubstantial no obligations are imposed. Such an insubstantial promise results in the contract being unenforceable. This is due to its lack of mutuality and indefiniteness where only one party is bound to perform.

Detailed explanation-5: -An illusory promise is one that is unenforceable. This is due to a lack of mutuality or indefiniteness where only one party is bound to perform. An illusory promise is based on deception or parameters that are indefinite, making it unclear what must be done or if performance is optional.